Every time I've seen an Watch on a person, whether it be shots on Apple's website or through photos like this, it is so much more attractive than any of the mockups or solo shots can show off.
You can tell its at least not one of the CES fakes by the digital crown. The fakes don't have a smooth part near the watch, instead the textured lines (missing the technical term here) go all the way across the edges of the crown.
I'd say the finish looks better here too, but that's somewhat subjective. If you're looking to see it its a fake the crown is the easiest place to start.
You never know, the Agreement might allow still photos (quite a few are appearing around the net now) but just can't show it working yet or not allowed to review it or let any newspapers or critics use it just yet. This would be logical since apple have already revealed the device so a complete NDA wouldn't make sense.