I just bought a Sports Gen 1 (Series 0?). Same reasoning as yours.
The price was great. The same piece in Series 2 would have cost twice as much.
I do not swim and the only tangible benefit is perhaps the brighter screen in the new models. Series 1 in particular makes very little sense to me since it does not get the better screen or waterproofing. I had a stainless steel Series 2 pre-order which I cancelled.
With OS 3 coming in 3 days, they will all have the same features and interface. Now if OS 3 slows down the gen 1 watch too much for some reason, I may want to upgrade.
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