Annnnnd... THEY'RE HERE!
So, they are not life changing, but they are pretty good. I've got some hastily shot pictures for you, but understand that: a) the lighting in the pictures is blowing out the color - in particular, in some of the pictures the color looks too light, in others too dark - that's photography and lighting exaggerating things - in "real life", there is perhaps a slight color difference (compared to Apple's Space Gray), but you can't see it unless you get your nose up against it; and b) same thing goes for the fit at the corners, it's pretty spot on, but if you use a magnifying glass, you can always see imperfections.
(Oh, the lower-left picture in the collage-of-nine shows one of the new Click adapters above one of the previous ones I was using - "Grey Apple Watch Band Adapter 38mm 42mm Watchband Iwatch Connection" bought Jul 15th on eBay from freedomoclock09. They were for 24mm watch bands, so I made tiny rubber washers to fit my 22mm band, and the springbars have residue from tape I wrapped on them to make them a little thicker.)
Since wearing it for a while after assembling things, I've noticed a slight reflection coming off the edge of the adapter where it protrudes from the slot in the watch. This is disappointing. Now, keep in mind, in the last picture (the one after the collage), that this is very much a closeup, with a very bright light shining at just the right angle to make it look as bad as possible (showing up as the bright line across the middle of the picture). If the body of the adapter were just a fraction of a millimeter thicker, it could have fit perfectly. I expect this could be the result of a safety factor (better to have it just a touch too thin than a touch too thick and then not fit at all), if their manufacturing partners can't hit quite close enough on the tolerances. (This is where Apple totally wins, in general, on manufacturing tolerances, by having full-time on-site staff to keep an eye on tolerances and quality all the way through the process, vs. visiting occasionally, and also by investing time and personnel in custom making tooling to meet their needs as necessary, vs. using what's available).
So, it could have been perfect, but it missed a little. Worth the $20-something? Yes. Worth the wait (and drama)? Eh, up to you, probably not. But I like the end result.
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It looks like they are finally delivering an acceptable product. Thanks for the update.
My distaste for the process was created more by the hateful comments on the website initially and then by the lack of updates after November 18th. Delivering reasonably high quality product very late is not good but because it is a Kickstarter project, and because we knew we were dealing with college kids, I was okay with it. Not offering any updates after the 18th is unforgivable. JMO