There seems to be two sets of expectations here. People who were hoping for or expecting something that was just like a traditional analog watch think it looks bad. Others, who didn't have that expectation seem to be happy with the design. Surely there are a few exceptions on either side.
There's a third category of people who just like to complain no matter what--their opinion is completely irrelevant.
I think the designers did well with this one. Trying to mimic traditional watches or even conventional form factors doesn't make sense here. There's a certain space age quality to the product, and rightfully so. It's not a traditional watch, it's the watch that somebody in the future would wear--assuming your vision of the future comes from 30 or 40 years ago when you were a kid. That's not a bad thing.
The design team did a really excellent job of marrying the technological vision -----and the aesthetic that goes along with that--to the fashion conscious, everybody has their own tastes reality of a wearable product.
You can't please everybody, that's a reality of all wearable products. This isn't going to appeal to someone who collects $5k+ watches or maybe even people who only like round designs. That's ok, it doesn't have to. Just because some people hate the color blue doesn't mean that clothing companies will stop making blue shirts.
This is not a one-off product for Apple, and it makes a lot of their long-term decisions make a ton of sense. Why are so many Apple stores so big? Well, it takes a lot of floor space to showcase wearable products with multiple styles. There will be more styles of the

Watch, that's inevitable. There will surely be other wearable concepts in the future.
The game here is really Apple Pay. More wearables = easier access. Even if Apple only takes a fraction of the total credit card transactions made in the US, at even .25%, the revenue generated will be staggering. Every tech company has wanted to spearhead mobile payments, but Apple is the only one that has a solid enough foundation to actually do it.