The current SiP on the Series 8/SE/Ultra is absolutely adequate and then some for what the Apple Watch does, which is actually quite a lot. I'm sure once they can make it more battery efficient they will absolutely do so, but currently they are just changing the version number when they add new sensors for the new revision. Fine with me. I upgraded from a series 4 to a series 8. Still a huge bump in speed and features for me.
My pattern seems to be upgrades every 4 years with Apple Watch, which is I think probably about average if not a tad more frequently than the average person, but I would definitely jump earlier from the Series 8 if they could make a SiP that resulted in a huge jump in battery capacity (kind of like iPhone 12 -> iPhone 13 or Intel -> M1). I don't want a watch as big as the Ultra, but I'm hoping for one someday that can match or come near its current battery life.
My pattern seems to be upgrades every 4 years with Apple Watch, which is I think probably about average if not a tad more frequently than the average person, but I would definitely jump earlier from the Series 8 if they could make a SiP that resulted in a huge jump in battery capacity (kind of like iPhone 12 -> iPhone 13 or Intel -> M1). I don't want a watch as big as the Ultra, but I'm hoping for one someday that can match or come near its current battery life.