I like what the iWatch does, though I like it for basically the same reasons I like the other half-dozen smartwatches that do the same thing. Just as in those cases, I'm not looking to spend that kind of money on what amounts to a minor peripheral for my phone with some fitness upgrades.
It seems like most of these companies are basically thinking "let's shrink a phone to watch-size, then solve the input issues", which just isn't really doing it for me. The more I thought about it after the event, the more I realized that it would have been a better idea for them to take a step back and really think about what you can and would want to do with a device on your wrist.
There's a lot of overlap, to be sure, but I think starting from scratch without the idea of what a smartphone already does (and looking at the Watch as a standalone item) could really open the door on some creative ideas.