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The review units didn't have the photo option, possibly because a photo would use the entire screen and use more battery power than the OLED display which doesn't turn on blacks.

John Gruber and Joanna Stern talk about this in the Talk Show podcast, which is nearly two hours of people who have worn the watch for a week talking about the watch. Worth a listen.
 
Was holding on to the hope that they didn't include it in the Demo/Review models. Doesn't look like it made it but that's not to say that it wont return.
 
Was holding on to the hope that they didn't include it in the Demo/Review models. Doesn't look like it made it but that's not to say that it wont return.

Indeed, I think it will be back in a later version of the Apple Watch when the battery life is a bit better.

On a related note - remember when there wasn't any wallpaper on the iPhone either?
 
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