I want the Space Grey Sport at 38mm. That is not even me settling, I prefer the "all black" look and the matte black finish. The gold is gaudy, and the stainless steel is too flashy (maybe the "black" stainless steel one) but even that seem too flashy for my taste.
If I could get the sport with the higher quality sapphire glass I would be willing to pay for that, but that is really the only thing I would be "settling" for. I have faith that the Sport band will be much better than the "rubber" bands I have worn in the past. The nice thing about the watch is I am not too concerned about the band knowing I can replace it later on with something I might like better from Apple or even a third party.
The only thing that might make me reconsider is if the 42mm offers anything better, like improved battery life. I have pretty small wrists, so 38mm seems like my best bet, but I could probably be okay with a larger one provided other imporvements.
With that said, the most I would be willing to pay is about $400 for that. I would be surprised if there is a premium on the black one, but I have "budgeted" for around $400 currently.