Long story made short:
Fiancé preordered the 38 AWsport white, 12ish am pacific time (California); I received said watch April 24 and was elated; returned it to the Apple Store and decided to purchase instead, a 38 SS ML combo, on 4/27.
Last night (between 9:30-10:00 pm pacific time), the watch entered preparing for shipment. It's sat with this status, where it still sits at 11:15 am. I paid with Apple gift cards, one had the full amount of the sport return and the other covered over $20 in difference (including AppleCare and estimated taxes, per Apple's order site - I had a store associate help me find the difference and ordered it at the Apple Store).
I also checked the balances yesterday afternoon, prior to the evening changing statuses.
I'm curious, how long does it sit in preparing for shipment? Will I receive the watch tomorrow? Monday?
Last go around, it entered preparing for shipment in the beginning of the week - for the 24th's launch, so there was no way of knowing anything other than for sure, that Friday.