Lets all stop kidding each other and ourselves. We're totally going to end up with a pile of bands on our desks.
I plan on buying a sport band and something dress-y that I can quickly change-out depending on the activity of the day.
That is probably true. I know I will want a rubber one for every day use, but also a nice one for a formal setting.
What I've noticed from the Apple detailed descriptions is that the band-to-watch linking mechanism is either aluminum, steel, or gold making the 'choices' more selective if you are going for a coordinated 'look'. This seems like a way to sub-differentiate the models. For instance, if memory serves, the Sport only has rubber with no band upgrades. The steel starts with rubber but has many upgrades.
My point is that while you 'can' put a Milanese strap on a sport , those steel inserts won't match the aluminum.
The word 'watch' is mostly just syntax, don't you think. I stopped wearing a watch and carrying a treo back in the day.
The reason I will move forward and wear an awatch is the promise of more immediate relationship with information that I carry in my hand with my iPhone. I'm hoping it becomes freeing- in that I can keep my iPhone in a pocket maybe 30% of the time that I now hold it.
But design and personal design statement have to count for something or we'd all be walking around in loin cloth. So the band seems really a center point - work/play/socializing. It's a way to 'disguise' the technology to allow it be personal.
If you want dress looks (and sport) you will need to move up and buy the SS aWatch.