Yup, I agree, which is why my initial prediction (and one I am hoping is true) will be a $249 witg additional bands costing extra (varying price, depending in band materials). Since all of the test models shown at Google I/O were leather, I am guessing that will be included on the watch and one can purchase the metal band for an additional 50-100. To me, that just seems logical. That would be a way for Motorola to maximize profit margin.
With many consumer electronics, the biggest profits are made from the add-on accessories. Anybody purchase a 3D TV before? If you get an honest sales person, they will tell you that they can make a better profit selling 4 glasses on a single TV purchase.