After agonizing over the decision as I normally do with big purchases like this, and without official reviews, I caved and ordered. I did it through xfinity/vzw portal, assured by their CS I'd get the $200 GC on top of the samsung promotions (min $100 trade-in and gear). I also called the samsung promotion people (being 14th caller in line today) and he said I will qualify for the watch since the order is still placed online with verizon and the location code corresponding to the xfinity-verizon partnership would be acceptable, and I asked him to make a note in my file with them that he told me this. So I hope to get $300 back plus the S2, trading in my original "what-I-thought-was-worthless" Galaxy S.
Samsung promo guy was also confused by the 300,000 gift limit as to whether this included the S2. He thought verizon would have a separate allocation. So I didn't get a clear answer on that. He also told me it was the 3G watch.