I lost my Apple Watch 2 in the ocean a couple weeks ago (rogue Pacific wave stripped it right off my wrist). Best Buy had it on sale for this price when that happened, so I bought a Space Gray open box, excellent condition for $333 to replace mine. It looked new.
I have until July 4 to return it and think I may because I also have my son's Apple Watch 2, which he no longer wears. If the Apple Watch 7, likely being released in the Fall is a huge step up, then I'll spring for that. If not, I'll get the Series 6, which will probably still be around this price (or less) once the 7 is released.