Yeah Apple needs a reason for us to upgrade to version 2, version 3 might get integrated GPS, version 4 LTE, version 5 cellular, version 6 Airplay (project to any screen for a bigger display) So in 5 to 6 years we should be able to ditch our phones.
Will probably sell my 42mm Sport Silver white band with extra black band since I think I like the Space Grey with black band better. On Apple's web site I didn't like it but in person it looks much better.
If it is like my iPhone it will work just fine, and since you have it on your arm you should be able to keep it nice and warm. But of course leaving it out in the car won't be good.