I innocently went to update my gen 2 watch software to 3.1.1 and got the red "you're screwed" exclamation mark in a circle logo. Apple says you have to post it in, or wait (more than a week at least) for a genius bar appointment to take it off your hands and ship it off for repair. Given that it's xmas this could all take weeks I suppose. Then I live with the knowledge that this could happen again anytime. I've lost faith in my apple watch being fit for purpose. The fact that you can't re-install the OS yourself, as with other devices, makes it not worth the hassle.