Out of curiosity (and I don't know so please be kind) would the rating have anything to do with the bands as well as the watch itself or is it just the actual watch piece? I know Apple specifically mentions about the leather bands but maybe water damages the bands in general more then it does the watch. Just an observation. After seeing all these tests people are posting, particularly the one on the main Macrumors page with the swimmer and submersion, I was thinking maybe the watch is better off then we all think and that the concern is more for the bands. Anyone else have thoughts or can clarify?
Apple certainly built the watch better than advertised, so they don't have to cover water damage. However, the watch itself does have its limit. Resistances deteriorate and while the first attempt to submerge the watch 140ft of water will succeed doesn't mean the seal can hold a second time. Do so at your own risk. As for the bands, only the ML, Link, and sports bands can handle the water.