While maybe not in your opinion, there is a chance.
Even if Apple currently has no plans for GPS in Gen 2 that could change.
Also I'm concerned as to what the Watch Workout App's post analyzation capabilities are. Where is the iPhone App to display your post workout info? Where are the after workout graphs displayed like HR, speed, laps, elevation, cadence and.....? How do you view post workout maps (outdoor running/walking/biking/...)? Can you export an industry standard GPS or TCX files of your workouts?
None of this is obvios from the in store demo's or any reviews.