Apple keynotes where they announce products often go into great details about what the product will do better than what you're doing already. it's always quite entertaining to watch, and gives a lot of great ideas for the future of tech.
sometimes you are left wondering at first "but how does that apply to me"... but there's always something that it does better.
The Apple watch keynote looked more like they were trying to sell a toy to kids. "HEY KIDS LOOK AT ALL THIS FUN STUFF OUR WATCH DOES"... but didnt actually show how it did anything new or uniquely different or better.
This isn't necessary exclusive to the Apple watch either. Its a smartwatch problem. They're all trying to find a new solution to no problem. Which isn't working.
What they need to do is come at it from the fashion side of things. Apple has tried to do that to an extent, but so far rumblings are that fashion / watch users aren't buying cause it still looks like a piece of gadgetry, and not functional jewelry.
The company I think that will truly nail it are those who are coming from the existing watch side of things, and then adding smart features. Not from the tech industry trying to make fashion.
of course, what do I know, i'm just a geeky fanboy