We know the Sport will be $350 and we know that the SS Watch will have premium materials over the Sport so we know Apple will price it higher. Apple almost always uses $100 price differentiator as a base for minor differences (iPhone 64GB to 128GB for example). So looking this way $500 seems a plausible lowest price.
Now look at what Joswiak said just yesterday. He implied that the Edition would be many thousands of dollars and even said "...so if youre rich.... about it. He also said "...offering a wider price range is just another way that people can choose the device that works best for them..."
It's not likely that Apple will offer the Sport for $350 and the SS Watch for only $450 and then have the Edition $5000 or more. This would leave a HUGE gape in the price range between the SS and the Edition. There is no way Apple will leave this big of a void in pricing from the SS to the Edition. If anything it may indicate the SS is going to be more expensive that thought.
The difference in materials costs doesn't correlate directly to selling price. As an example: Apple sells a 16GB iPhone for $650. A 128GB chip costs Apple about $5 more but they sell it for $200 more.
Between the sport and the SS difference, I think we are more looking at comparing an iPhone 6 to a iPhone 6 plus. There's some material difference and some more cost but the core of it is the same and that has a $100 price difference. Like my point before, $500-600 seems reasonable. You keep referencing this difference but the thing is, there's a lot greater difference with the edition compared to SS. My sentiments is that it will cost $500-600 with a sports band. From there, Each band will have a different price point. They will probably have a Mac like configurator (but probably with some real time renderings of what you are getting) when you buy the watch so you can choose which band, face size, etc you want when you purchase it. This will create a larger range.
SS and gold are two completely different markets. SS is. I precious metal so there's no rationale why it would be priced like it is. Quite honestly, after still hearing the interview, I find it hard to believe that the edition will cost $5k, given that you can get it with a rubber band. Seriously, where's the logic with that? I'd say $5k is reasonable if it had a solid gold metal band to go with it but that's not the case. $2.5k would be my bet but who knows.