I had the same notion. Originally I was considering the midrange Watch (stupid names they used make it so hard to talk about!), but after seeing early reviews from people I trust I look on this one as a "throwaway." I got the cheapest one, and will then take a fresh look when gen 2 comes out. I expect it will be more like gen 2.5, as the current one was delayed by perhaps six months or so, and the hardware frozen long ago.
For $350 less whatever I can sell it for, I didn't even really consider not getting one. I don't expect to be thrilled, but I expect it to be useful.