If this reflects Apple's plans, it promises some intriguing choices for Apple Watch buyers. Titanium is more expensive than stainless steel and tends not to be as flashy, but it's also stronger, lighter and more scratch-resistant. Ceramic, meanwhile, is more familiar in the Apple Watch world. It's more brittle if you break it, but it's also extremely resilient against scratches. Both choices would likely appeal first and foremost to watch aficionados -- they don't necessarily scream "luxury," even if they're bound to stand out compared to the aluminum and steel options.

No matter what, Apple Watches made from either case material would be expensive. They might not cost as much as conventional timepieces made with similar substances, mind you. Apple's engineering know-how and mass production helped its ceramic Watch Edition undercut the prices of other ceramic watches. You'd likely have to think carefully about splurging on a device like this when it's going to be obsolete in a few years, but probably not as much as you might think.