I think Apple made two mistakes with regards to the watch.
The first mistake was that it was sold as more of a fashion device rather than a smart watch. Apple focused more on style rather than function. No offence but there's no chance in hell I would spend that amount of money to buy the most expensive Watch. I'm not judging anyone who did, far from it, but from a business point of view it is clear that they are not the majority. Apple is a mobile devices company, or so had Steve Jobs described it when the first ipad came out.
I think the fashion angle was incredibly smart of Apple, but the Edition might have been too much too soon. Apple caught a lot of flak for selling the super expensive Edition. Perhaps they should have waited until v.2 for that one. As for the rest of the watch and band lineup, the fashionable options are part of the appeal. A lot of people have no interest in wearing a fully synthetic smartwatch that looks more like a rugged outdoor watch or a fitness band. I'd bet there are quite a few Apple Watch owners who would have passed if they could not choose from a variety of finishes and watch band styles. The ease of swapping bands, and the fact that so many third party bands are available, has surely helped drive adoption. Just look through this thread: Some of us can't agree on whether the Classic Buckle looks better with stitched leather or plain leather... this is why so many finish and band options are important. It's not an either or thing when it comes to the question of whether the Apple Watch is a fashion accessory or a mobile device. It's both.
I don't think Apple sacrificed function to focus on style either. The functionality of this watch was mostly very well thought out from the beginning. It was probably released a few months early, because the OS updates dramatically improved performance and smoothed out the bumps.
Also, (Apple's) history has taught us that the second iteration of any device was always a real success. I think that waiting more than one year to release the second iteration of the watch is far from being a good idea. (This is, of course, assuming that they actually have something to show)
I am very interested in purchasing the device, as I see a practical use for it (I bike a lot, and having maps on the watch would be really cool for me.) However, at this stage, given the watch's performance especially considering its price, is really not worth the investment.
I have decided that I will wait the next Watch release before committing my self to purchase.
Of course the next generation watch will be better, but personally I feel the current model is so good that I certainly wouldn't want to give mine up. Even with Watch OS 1 the conveniences far outweighed the frustrations for me. Now the frustrations are very few and far between. I'm constantly impressed by how well it works. I bike a lot as well (not racing or mountain biking like I used to, but mostly commuting and fast recreational over a variety of surfaces). Between the watch and the iPhone you can get some really detailed ride metrics with an app like Strava, but that's overkill for my purposes. I just use the activity rings and occasionally workout app. I will only use Strava or Runtastic when I want a detailed map of my ride with elevation gained. Of course those apps could provide that without the watch, but would be missing your heart rate metrics. What's kind of cool though is I can glance at my watch to see distance, speed, etc. I don't use a cyclometer anymore, so that's kind of handy. What I like most about the watch and biking is that I can glance at a notification or a text from my wife without having to stop and get my iphone out of the bag or my pocket. The maps are of course handy as well, and the turn based directions (via haptic feedback) work really well.
Sean
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Slow app loading has been the biggest disappointment for me - I rarely use apps because of it. But the Apple Watch's other functions have been well worth it. At work, it's very helpful to be able to see the time and place of my next appointment at a glance, or receive texts and emails without touching my phone.
In my experience the slow app loading hasn't been an issue for months. If it's still a problem, time to try a different app. Even among the apps that run natively, some are faster than others. I use complications for Fantastical calendar (loading data from 3 Google calendars and one Office 365 calendar) , it loads and refreshes very quickly. Same with my complication for Carrot Weather. With this latest OS update, the watch feels even snappier. It's definitely faster for me to get the info from my watch than from my iphone. By the time I get my iphone out, unlock it, and load the calendar app or widget, I will have already gotten the calendar info, weather forecast, and map showing the location of my appointment from the watch