Given your experience I see why you draw that conclusion. I only know one coworker with one and he likes it. I work from home do don't get to see who else has them. I'm pretty happy with mine.All four other people i know with one (not on the web - real people ) have returned the watch. The only other person who i know with one and he hasn't is an apple employee.
While its not scientific by any measure its a poor indicator..
Honest answer, i think the watch in sport form is worth tops $150, $200 at a push with an extra band. (just my opinion).
I almost said Apple doesn't price things that low but remembered the Apple TV. I just don't see them pricing that low when they are selling well vs. the competition. Will have to see what they do.