I have the 1st gen Moto 360 sitting in a drawer. I got it about a year after release for about $150, and think $150-250 is the right price point for an accessory like this.
I didn't like the "flat tire" but when paired with well-designed black watchfaces, it's usually not noticeable. And it's still better than Apple's 4 flat tires (thick black dead area around all four sides of the screen). The round face, coupled with a ton of creative faces (and completely open to developers) allows you to completely change the look of your watch day to day. And if you have a model without the flat tire, you can take it even further and use faces with white backgrounds, or any other color.
OTOH, Apple tightly controls the faces you can put on there, and they all have to be black because of that thick black dead area around the screen.
I do give credit to Apple for innovating on the watch band connection, to simplify swapping bands. But then they practically ruined that by grossly overcharging for their bands (fortunately, there are 3rd party bands which are reasonably priced - though often of lower quality). I also like the haptic feedback (tap) you get on your wrist when a notification comes in. Build quality seems good (though lack of guaranteed waterproofing is a concern).
And, of course, it's designed to work great with my iPhone. That's the biggest draw. But I just don't like the look or price of it. So until a round version is offered, or I find a great deal (under $200) on a stainless steel model, they won't get my money.
The primary reason my Moto 360 sits in a drawer is because it doesn't interoperate with iOS very well. There's an iOS app, but many of the watch's features are then unavailable, you can't add 3rd party apps, and you also get limited to just a handful of watch faces. I've been anxiously awaiting Android Wear 2.0 because the ability to load apps directly on the watch without the need to pair it with an Android phone should hopefully resolve much (or at least some) of that.
That said, I don't like the look of any of the current round Android watches as much as the original 360. The 1st gen 360 had a cleaner (and more original) look. It didn't have the typical watch "lugs" (or whatever they're technically called). The 2nd gen Moto 360 (and all of the other Android watches) have those "lugs" and, as a result, end up looking a little too much like a regular watch IMO.