Depends on whether we’re talking official Apple, or Chinese knock-off from the same factory.

Agreed.

I could see them doing something like squaring up the sides (rather than having the rounded “bulging” out look, a straight edge from screen to back), but too much change also causes issues for watch faces and apps. You certainly won’t see them change away from the rectangle shape!

Maybe they’ll release and Ultra Mini with the same functionality but smaller screen (in line with the 42mm, as opposed to the 45mm)?