This is my thinking as well, especially when you consider that the watches themselves look pretty much the same and the water resistance of each is the same as well.I just figured that you would get a different band if you wanted a "different" Apple watch.
I quite like the look of the silver sport model. The sport bands work but they do look cheap. But I don't see any issues with making it a bit classier with a leather strap. Now if Apple just made them cheaper than $200 and actually stocked them in store (I hate ordering online and waiting).
Also keep in mind that there will be third party made for Apple watch bands at some point as well. I think apple has tried to make it so there is only a need for a single watch and multiple bands. I agree with the only having one watch paired to a phone.
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Actually, the look of the stainless steel version is significantly different than the aluminum.This is my thinking as well, especially when you consider that the watches themselves look pretty much the same and the water resistance of each is the same as well.