Not seen them suggest anywhere that the watch is wearable upside down with a flipped screen and controls, and suspect if it did it would have been mentioned.
I think the possibility that Apple will replace the innards when v2 comes out is minimal. They may stick with the same strap connection for a while, but that will be it.
But I do think smart watches are a smart idea. We all know that the wrist is a better place for timekeeping than the pocket, so why shouldn't other pieces of quick information be well suited to the wrist. I think Apple have the best looking, and most practically sized, smart watch on the market. But alas it isn't for me as an Android user (I do own an iPhone 3GS but this isn't supported anymore).