@bababjdkd did you just wait it out? I'm stuck at "preparing for 4 hours now" but I don't mind waiting for 20 hours as long as I can use the watch again! I'm using series 3 and trying to pair it with iPhone 6, 7plus, XR, 11, and 12pro but no luck for me. :(

I feel you, this is so frustrating! @apple what are you going to do about it?

@madbusu I have the same exact devices that you have. iPhone 12 pro and apple watch series 3. And I am stuck on the "preparing step for 8 hours now. I will try to wait it out a maximum of 24 hours and I will update this thread.