There are two thoughts I would have reading the OP:
1) The product was in the pipeline long before Job's died - they hadn't reached even the prototype product but it wasn't just something they thought of in the time since his death. I would even wager that some of the basic functions/design may have come from note or discussions he had in the past.
2) I keep having to remind people, this is just the beginning of wearables and the utility for the average person IS limited - before too long, having one will be utterly necessary as whipping your phone out to unlock doors, activate systems, walk through stores even use it to store and communicate identification information at work and a lot of system-integrated applications in the Internet of Things not even thought of yet outside of research labs.
For some of the other posters, myself and my wife, the ability to triage email, calls and other notifications without having to waste time pulling out the phone or retrieving it is indeed paying off. Heck, even using Maps with it and having it ping to be sure you remember to turn is handy.
It's not for everyone, but it is definitely "here today" for those of us with lots of timely email and phone messages that need responding to; for your average 20 year old working at Starbucks or just hanging out in College it's utility is just not apparent (yet).
The Wired article quoted (about throwing things on the wall to see what sticks) is actually pretty common; everyone sensed the time to make a wearable was now because everyone and their brother in the tech industry knows the Internet of Things is coming along and is the next big wave in technology, but for some folks today the Watch won't be for them, no doubt,
Same here, I was shocked how much less I was pulling my phone out or chasing it down in the house.