I'm in the same boat. Got up early, got my confirmation email at 3:08 am EST, so I figured no problem. As of 8:42 pm, order still processing and CC not charged. The funny thing is that I would have been quite happy with an aluminum 42mm, but decided to get the SS model. I got the email yesterday at 11 pm that they were working on my order. I'm not going to be happy if that watch doesn't show up tomorrow.
IMPO, Apple really screwed up on a number of levels. First, while I can understand that it's more efficient to ship watches based on model and band rather than time of order, that's not customer centric. It may make sense to an accountant, but it shouldn't make sense to a company that sells product based on customer experience. Second, they had to know by Monday that people who ordered certain watches were not going to get their order on launch day, yet they have made no acknowledgement of the fact. Would it have killed them to simply send out an email saying "hey, these models may be delayed a few days" so we wouldn't be on pins and needles all week long? I wonder how many people arranged to be at home on Friday to sign for the watch? Third, I read that people who ordered their watch later and were told it was going to be a couple of weeks have received shipping notices. That seriously does not sit well with me.