Just wanted to give ya'll a heads up, when restoring iPhone and setting up as "new iPhone", it also completely restarts Apple Watch, including all your previous activity and achievements. For some reason I thought it was stored in the watch itself. The only reason I did a full restore was because I had 16 freaking gigs of "other" on my phone! Again just giving ya'll a heads up in case someone wants to do a full restore. Hopefully they'll add an iCloud backup for Watch.