Just so you know the first gen iPhone, iPod, iPad was not useless.You're right on your conclusion, but wrong on the reason (which I'm sure you'll understand, you seem smart): yes the Apple Watch is useless today, mainly due to it's very limited autonomy, but it's not relevant as it's the first version and (hopefully, otherwise Apple Watch is dead) it'll only get better.
But on the fashion side, which indeed is more important, Apple simply does not have Steve Jobs anymore to tell them how a vision for smart-wearable works (instead they have Angela Ahrendts whom like Tim Cook is a manager rather than a conceptor or a visionary): it's not about industrial design anymore, it REALLY is about fashion. And fashion is not about brand, logos, function or ugly silver/gold colors, it's about making all of this disappear behind something that makes organic sense in terms of fashion.
One exemple as you said and anyone with taste would agree, is that the Apple Watch should've been or come in a round format. And be thinner as they could. And not have an ugly rounded protuberant surface. And not be limited to cheap looking silicon bracelets, or have a mobile like flat-design interface etc...
To a beautiful product design sometimes thin is not always the answer
RMBP 13"= beautiful design
RMBP 15"= ugly design