I can put my iPhone on the charger when I get home and hang out with my kids. I still have access to information and notifications from my watch, but I can just glance at them and it's not as distracting as my iPhone.
I'll second this as well.
Too many people worry about performance of third party apps, lack of enough third party apps, or other aspects of the watch like that. It's true - the value isn't really there from that perspective. But, what makes the watch great, and super useful, is this core function of notification handling. Then consider the ease of setting alarms, reminders, etc. by raising your wrist and using voice only, and of course the ability to tell time and see other basics like weather in the complications, and I think it's a great value proposition for many.