If you would have read what I said -- I didn't mention checking on SM on it... I don't do that either.
When I bought it, on sale, about 18 months ago, I spent $160 for it. I think brand new, no discounts, the Moto360's went for $250 for the base model, and if you wanted the steel band, they were $300.
I would spend $500 for it? No. It really is mostly a toy. People spend a lot more on less useful things that get less use and are out of date just as quick (like video cards, high-end cell phones, dirt bikes, etc.)