I had something similar happen with a Fitbit Flex. A nice ol' rash developed right under the sorta-metal clasp that held the band together. Didn't get into that recall because that was for a newer one, but it made me hesitant to wear it ever again.
So far so good with my Apple Watch 42mm SS with WSB. It was about six months after I got the Fitbit that the problem arose, so later on this year we'll see if anything similar happens. If so I can at least buy another band.