I get where you're coming from, I do. But any watch, no matter how well made, or how exclusive, still comes down to the face for me. It's what I look at all day. That's what I consider first, and I'm finicky at that. A leather strap, nah.
I've also had other smart watches. Two Pebbles, the Huawei. The Pebble is what it is (nifty for a while), but the round (That WAS such a big deal for me) Huawei was a disappointment. It glowed like a beacon (no ambient light sensor), was too big, and being on iOS I couldn't download faces. The faces I did try seemed soulless, and yes, skeuomorphic.
With the AW I get iOS functionality at last (repeating reminders!), and with the Hermès I get a face that reminds me of, is similar too, traditional faces. No silly drop shadows, and with the rest of the UI Apple has done a fine job of keeping the watch as subtle as one can a wrist computer. Dark backgrounds, etc. I even turn on gray scale mode once in a while, but the colors don't offend or embarrass me like they did on Android Wear.
So for a smart watch, the AW Hermès is where it's at for me. The strap is nice, and I have no desire to get another one, but for me it is not what makes the watch. Without comparing it to mechanical watches (I just don't have that discussion anymore) let's not forget that the faces; Cape Cod, Espace, and Clipper, are all from Hermès mechanical watches. They are more into watchmaking than some of you may be aware of, in house movements and all.
I'm trying to take my old school preferences into the future with me. The Hermès AW does that for me. The Oyster bracelet is a classic Rolex design, and goes back almost 70 years. I've always liked them. I think it's a great combo. Changing the bracelet alters the watch? I certainly don't remember every coming across a discussion of this sort, not even on WUS, home of many watch snobs. I know, Apple makes the watch. This is tiring me out...
The Hermès name, while I am less inclined to turn up my nose now, was never part of the appeal. My grandfather the coal miner, and my father the cop, would not be impressed. I'd buy any of the people at a Hermès workbench a drink, but I doubt we'd be in a place frequented by typical Hermès' customers.
I'm enjoying the watch as much as I could of hoped, and I guess in the end that is what it is all about for all of us.