I think the Apple Watch is quite bland looking when the screen is off.
Would you prefer an always on display like the OP's idea if the battery easily lasted a day?
I'm torn about this. I actually quite like the blank display -- I think it looks rather simple and elegant -- and as at least one other poster mentioned, the glow from the LCD can be distracting if it is on when you don't particularly want to know the time. So if Apple does implement always on, I'd want it to be dim enough to be not distracting, and have it be optional, so those of us who like the blank dark screen can have that if we want.