That really is an ugly design and it looks pretty cheap, especially for an Apple product.
I'm not sold on any of these smart watches. I see no point in forking over $350+ so I can be lazy even lazier and not take my phone out of my pocket. Find something else to hock, smart phone makers; this is a stupid idea.
Now, if you want to come up with an attractive time piece that somehow functions well and could even replace a phone, that would be another story.