Funny enough, I actually just got back from returning my Apple Watch (42mm sport model). It was totally painless and I was out of there within minutes. All they had to do was scan my receipt and make sure everything was in the box. I had the Apple watch for about 4 days which turned out to be just enough time for the "coolness factor" to wear off. I loved the features and I certainly loved the design, I can't say I didn't enjoy owning it. However, the main reason for having an Apple Watch is to lessen the amount of times you have to pull your phone out of your pocket and for me, that just wasn't worth $400. Even the Apple fanboy in me realized that at the moment, the Apple Watch is not a good value.
Looking at the many reviews online, it seems like I'm not the 1st nor will I be the last to have this opinion about the watch so hopefully, Apple takes notice and either lowers the price or adds some cutting edge features to make the Apple Watch a better value. At this point though, I'm just going to wait for the inevitable Apple Watch 2.