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I don't feel the iPhone to be any less premium just because it does not use Sapphire. Similarly I don't have the feeling on the AW just because the cover is not Sapphire. In fact, the Sport glass on mine is pretty tough and still pristine, despite having already taken a hit or two.
Then I'm probably the exception from the rule, as I've worn wristwatches nearly all my life. And I settled for the champagne Sport watch.
I do prefer any object residing on my wrist to be as lightweight and thus unobtrusive as possible. To me, with consumer electronics, weight does not necessarily equal quality - it's rather the other way round.
While I do agree that Sapphire was the go-to material for higher-quality watches in the past, I feel that the material used for the Sport watch is completely up to the task. The notion of watches having to have a Sapphire glass is probably an echo from older times, when it most often was either Sapphire or cheap plastic/plain glass as cover.
Nowadays, with technology having advanced, treated glass is closer to Sapphire in terms of robustness and good enough for the task.