Frankly, I have no idea if we're ever getting a benchmark test of the Apple Watch, but memory wise doesn't sound bad. 512MB of RAM and 8GB of storage actually seem pretty adjusted for a Watch. There are still iPads being sold with 512MB of RAM, mind. And they work well. So it should be even better on a Watch with a small display and focused on text and simple graphics.
Don't fret. Even if I knew beforehand the Apple Watch 2 will be soooo much better than the 1 I'd still try to get a the 1 instead of waiting a whole year.
What limitations on native Apple apps are you exactly encountering though? I feel like they are more limited due to the interface limitations (again, screen size), and that's not something a 2nd version should fix.
Wait for WWDC before getting too worried. I believe that there's still room for a software revolution before we talk about new hardware.
Take ESPN for an example. On the phone, on the home screen, I get:
Old scores from favorite teams that happened very recently (not so old, but played)
Future games from favorite teams
Champions League games
NBA games
NHL games
MLB games
On the watch, I get:
Future favorite team games
That's it. Unless your favorite team is playing.
Now maybe they don't want people scrolling through all of that on a watch, but it's not a limitation really of the screen other than it takes probably 3 times the pages on the watch than the phone. They could make extra tabs (left and right swipes) but it feels poor right now.
I know there will be times for the phone and times for the watch, but they've set the bar really really low for the watch.