The Series 8's processor and Crash Detection at $249, with a nylon composite back cutting 20% of the weight.
Released September 16, 2022 · From $249 (40mm GPS)

The second SE kept the formula and fixed the chip. Apple put the S8 in it, the same processor as the Series 8, which made the cheap Watch as fast as the expensive one for the first time. Crash Detection came with it. The back went from ceramic to a nylon composite matched to the case color, which cut weight by about 20 percent and, more usefully, cut the price to $249. There is still no always-on display, no ECG, no blood oxygen and no temperature sensing, which is the whole basis on which Apple sells the Series models above it. For most people that remains an easy trade.
At $250 the second SE kept the Series 8 chip and lost the always-on display, which reviewers judged a fair trade.