I think the Milanese loop is more formal looking than the link. Just my opinion. Only problem with it is if you have any arm hair and I mean any, it can be painful to put on. Wearing it though is fine.
The link is heavy and doesn't breath as well either. Both are solid choices but the Link costs way more.
My suggestion: Get both! Get the Milanese one from apple and get a knock off link from amazon (
https://www.amazon.com/KADES-Stainl...-1-spons&keywords=apple+watch+band+link&psc=1) [only $20]. The quality varies drastically from vendor to vendor so do your research if you buy a knock off. My buddy has a knock off and it matches my OEM one other than the system to remove/add links.
[doublepost=1537230417][/doublepost]Updated to wOS 5 on my series 2. Sadly it does not include the new colorful Hermes watch face. I believe this is because Apple doesn't want to highlight how large the borders are on the older watches due to how the colors go right up to the edge.