Glad I went ahead and grabbed the first gen open box and heavily discounted in January, even though there were rumors that the new one was coming within a couple months. Don't see anything here that would make me feel compelled to upgrade. I always have my phone on me and the watch is still dependent on the phone (which I was always ok with anyway since I don't intend to pay for another cellular plan) so I don't see the independent GPS as anything more than battery suckage. The one oddball variable is the barometer... wondering what that'll be used for. Still no new health sensors or "heart attack detector" like the original Watch was rumored to come with so I'm happy holding on to my Gen 1 until a future version that is truly a major upgrade.
Well I would say that if the watch a cellular radio, you'd have the option to turn it off, just as you can now on the iPhone, just as I do when I know I'm in an area with poor cellular reception, subject to greater battery drain. Then I can turn it in when I want to check messages only.
I think most people would be very happy to have a cellular option they could turn on in an emergency situation -- such as jogging without your phone, and breaking your ankle on a mountain trail (or even going out of range of the phone to get the mail at the end of the driveway). Using the SOS feature would turn on the cellular radio automatically so a person wouldn't have to worry about doing that. And again GPS would also be useful in that situation, as well as helping the runner find their way in the first place. My understanding is that cellular helps lock the GPS signal faster, thereby improving battery life, and of course could also be activated automatically as needed.
GPS would also be helpful if visiting a city and a person accidentally leaves their phone in the taxi, and needs to find their way. Or if they just want to go down to find the nearest Starbucks and leave their wallet or purse in their hotel room. The watch is about making life more convenient. While it's not ideal for everything a person might want to do, having to locate and carry their phone everytime they want to travel outside the operable range of the phone isn't very convenient. And again, the belief that GPS was left off the first gen watch because it uses to much battery is also mitigated by the fact you don't use it when you don't need it. You might never need it, but it's nice to have when you do.
The barometer will help you track your fitness going up and down stairs, as well as give you exact elevation when used with GPS. It might even be able to help determine whether you are standing or sitting, so those fitness reminders might be more effective.
So all I would say is that until there's a "heart attack detector" which seems to concern you, having optional cellular independence from the iPhone might actually be the next best thing should you have a heart attack. Let's say you get to your office and need to run back up to the meeting room to get your notebook you forgot, so you leave your iPhone in your office and run back up the stairwell to the second floor meeting room, which is out of range of your phone. As you climb the stairs the barometer senses you are ascending, and the step counter determines you are doing it quickly, then the heart rate sensor kicks in providing feedback based on that data. You notice your heart rate is climbing high, and after you reach the second floor, you go into cardiac arrest. Nobody's around because the meeting's over. But because you have a watch with a cellular radio and GPS, and a barometer, you are able to call 911 by pushing a single button before you pass out, and the EMTs know exactly where you are -- possibly even with your vital stats transmitted during the 911 call -- and arrive in time to save your life.