I've had an Apple Watch since early June. I am still very happy with it. The main reason I wanted one is to handle notifications and alarms without pulling my phone out of my pocket. It has done that extremely well since Day 1. For busy people like me, getting gentle taps on the wrist instead of a buzzing/ringing phone that has to be pulled out and dealt with is a bigger deal than you might think.
I also use my watch to set reminders and timers using "hey Siri", quickly check the weather (now by tapping on the Dark Sky complication), and as a bedside alarm. It does all these things well too.
I'm still not sold on third party apps (other than Fantastical and Dark Sky). Even native apps take too long to load. I don't like holding my wrist up for very long. Might as well get out the phone. The functions I'm happy with on the watch are truly 'glanceable', meaning that I can raise my wrist, get the info, and drop my wrist in a few seconds. Anything that takes longer is generally not useful to me unless I'm in a meeting with my arm already resting on the table in front of me.
Bottom line: while not everything is as great as I thought it would be, the functions that matter most to me certainly are, and I've customized my watch face, glances, etc. to put those functions forward.