Most Rolex customers won't want a Patek. You need to know a little bit about watches to have heard of Patek Philippe, but very few people buying a new Rolex are doing so to initiate discussions about the art of watchmaking with their social circle.
Like the Rolex, Apple is pitching Watch as a status symbol - the only purpose of owning one is to show you're rich enough to own one (or that you're an iOS developer who's been railroaded into buying one by Apple's policies on app development for the thing). This month's British Vogue featured an insert catalogue for the thing, beside the ads for the £5,000 handbags, £10,000 dresses and £150,000 diamond rings.
One thing about showing off, though: the Apple Watch uses the same innards for every variant, with no difference in function or quality between the cheapest and dearest -only the casework is the differentiator. However, I'm sure someone has already started a small workshop electroplating the cheaper steel models (or the design-knockoff models) with enough gold to pass as the expensive ones.