I don't feel that the watch is expensive so that really isn't my concern. I'm more interested in the usability issue. The scenario I outlined (job change where Apple products aren't "allowed") where this might be a plausible work around .
I've backed the project so we'll see how it ends up!
The aluminum sports watch isn't that expensive, I agree -- but mine is the stainless steel Space Black. Of course much of the cost of it is due to the Space Black link bracelet rather than just the watch itself, but still..... Currently, unfortunately one cannot buy the Stainless Steel Space Black watch on its own; must come with the bracelet, so damaging the watch itself could turn into an expensive situation, and chances are that AppleCare Plus wouldn't cover it.
It does sound as the usability scenario might work out for you, though, if you were able to wear a pretty "pendant" to work or slip the encased watch into a pocket......certainly worth thinking about !