This is my thinking:
I stare at dual monitors at work, next to my iPhone on a cradle, and next to the Cisco LAN phone that also has a 6" screen. I use my iPad on the couch at home. I watch movies and shows, and play video games on my TV. I have my iPhone in my pocket or within reach 95% of the time, including next to my bed. I also read books on my Kindle near bed or at the beach when on vacation. There are also screens in my car, in the elevators at work, and at the train station. I am pretty much surrounded by screens all the time everywhere I go.
Thus, the thought of adding ANOTHER screen to my life is not appealing. Indeed, the saturation of screens, I think, is a problem. I love technology, but I have begun to dread that blue-ish glow of screens.
I love the iPad and iPhone because those devices converged different technologies into one device: where before I had a camera, a camcorder, a gameboy, an iPod, and a calculator, each with it's own screen, I now have all those things in one screen.
The Apple Watch seems to be the antithesis of converging functions and simplifying things. It would add another screen to my life without obviating others. It is a spin-off of the iPhone, rather than a convergence into it.
Thus, for me, more than price, the issue is being convinced that the benefits of the Apple Watch outweigh the negatives of adding yet another screen into my everyday life. If there was an Apple Bracelet, for example, that had the sensors and the haptic notifications but no screen, I would be more more inclined to buy it.