This is not the case with first run products. The original iPhone's price was $599 (8GB) and $499 (4GB) when it was released in June 2007. Then in September of the same year they discontinued the 4GB model and dropped the price of the 8GB down to $400.
I'm not saying that they will drop the price of the watch but there is a history of them doing this with the first run of a product. Also someone mentioned they did something similar with the MBA in this thread.