They definitely will release a new one. I would assume April next year since that is when they released it this year. I believe the big rumor is a camera to face time on the watch. I was planning on getting it next year, but being able to pay just a monthly payment now is enticing. I would just pay it off quickly right before announcement next year and sell it to offset some of the cost to get the new one. Or who knows, T-Mobile may offer a program JOD to trade in once a year.
I had a Moto X and Moto 360 before I got my phone. A watch was so nice. I saw emails, calls, and texts instantly with the watch. I miss a lot more now with my iPhone in my pocket when i'm out and about. I really liked having a watch.