It's subjective - there's a reason if you go to a regular watch shop they have as many different watches as they do.

Apple have made a start on trying to work with different preferences with the interchangable straps and clasps and so on but something like this is never going to please everyone.

Personally I wouldn't go as far as ugly but I'm certainly not wow-ed by it in terms of how it looks. It seems to be well designed and well made but lots of things are and it doesn't mean I want to strap them to my wrist.