First impression is that its lame.
Steve Jobs was a master of leading the presentation with explaining why you absolutely had to have the new gadget. Instead with the iWatch I felt lost, and still feel like unanswered questions. What does it do. They started talking about how pretty is it. Who cares if I don't know what it does. Great UI. So what.
I still couldn't tell if its an iPhone companion, lets you access iPhone apps or does it run its own apps. How does it play music? Do you plug headphones into it or your phone? How do you do phone calls? Through your phone or it. It generally felt like if I need my phone for all this stuff, I might as well just use my phone. Why spend $350 on some other gadget thats a poor excuse for a phone.
They come with new giant sized phones as the biggest innovation that no one else has ever thought of. Abandon the 4" iPhone 5s as old technology not worthy of an update. Then announce an iWatch with a tiny <1" screen. Too big and too small.