I don't disagree with you, buy how can Apple pull this off? They are the same except for the case. The stainless steel or Edition are no more collectible or special than the Sport really. Functionally, they are all the same, which is to say not special at all.
This whole high end luxury item concept is perplexing to me. Watch companies can charge what they do because of the mechanics, craftsmanship, and timelessness of the watch. I can't see Apple being able to do that. I think most that would spend that kind of money on a watch are looking for something that can be handed down, and something that appreciates. That is not the
Watch.
The other thing that worries me is the last time Apple made a high-end item meant to compete with other high-end makers, the Apple HiFi.
Watch Edition feels that way to me. Then again, Apple clearly is better at business than I am. I just keep feeling like there is something they haven't revealed that will make all of this make sense.