I'll tackle this honestly and say that while life certainly goes on as usual if my watch fails to arrive; I will be profoundly 'angry' and surprised at how bad Apple botched such an important launch.
It's not as though the watch has been under wraps since last week; it was unveiled over 6 months ago. It has been in use by Apple employees since then (I saw a few 'in the wild' near Apple's campus in December). Tim Cook has always been hailed as a supply-chain wizard...Have they not had sufficient time for manufacturing?
With all of that going for them, to fail to get the watches into the hands of the EARLY adopters that will ultimately make or break this product would be a collapse of epic proportions for Apple. Exclusivity and 'sell-outs' certainly drive press coverage, but missing your launch date for people who ordered at 3AM will generate MORE, and not in a positive way.