Will I buy version 2? It depends on what's new about it. Would I buy a 2nd Apple watch in another material / colour? No. If I didn't have one, but knew what I now know, would I buy one? Absolutely.
v2?
All signs seem to be that there will be a long product cycle for watches. If you have bought the gold multi-thousand pound watch, that's just as well. I suspect v2 may not be with us for some time (years?) and when it arrives, I would hope it will be much improved.
My current watch and use
I've had my aluminium sport watch for more than a year. I love it, but I'm not blind to it's weaknesses. From what we were told in WDC, in June, OS3 will address many of these (slow wake time + slow-fetch-data-from-iphone-for-a-non-Apple-app time) for your 'favourite' apps.
But, IMO, it has no wow-factor. It has no must-have feature. I love the notifications on my wrist, the HR sensor and health tracking (and I really do love these features). They are great. I wish I'd waited long enough to get the gold-effect sport watch, although there is a limited number of bands that look good with it. I think the price drop was sensible, but I also think the milanese loop bands remain very expensive for what they are.
I never used Apple Pay before the watch, now I use it all the time. I am looking forward to the new 'auto-unlock' feature in OS3, so that my MBA can be secure, but easy to get into (for me) when I am wearing my apple watch.
But for running, I am seriously considering a dedicated running watch (I am currently looking at Garmins 235, 630, 735). At present, HR information takes too long to come through, the in-workout screens are not customiseable enough. The wrist-raise does not activate anywhere near fast enough. The data does not upload to anything but your iPhone, and cannot be uploaded to Strava or other running websites at all. It is not clear how you can send HR data from the watch to other apps. I am not an athlete, or anything more than an average runner, but even casual runners want these options so they can get more out of their miles (and make running or progress towards a weight-loss goal more interesting and attainable).
Conclusion
Ultimately, this is still a new product area for Apple, and a new category device for all digital device makers. Apple have made a great effort at this, and I suspect it is better than it's competitors, but it isn't as impressive as other Apple devices. I look forward to OS3, and version 2.