As others have said, if you purchased an AW thinking it would replace your phone, you will definitely be disappointed. In my opinion, it's meant as simply a complementary device. For people that ask me, I tell them that I probably end up taking my phone out of my pocket 50-70% less than I did before I had the AW.
The most utility I get from it is responding quickly to text messages and short emails by dictation. If I get an alert for an email or message or anything that I need to respond or read more thoroughly, that's when the phone comes out. I don't feel the need to carry the phone around the house anymore either. I just leave it on my nightstand or desk.
Interestingly, I've also found that I don't sit there and stare at my phone nearly as often, particularly in front of my kids. This is a pleasant surprise considering I've been trying to be more conscious of being on my phone when the kids are around.
That being said, it's not a device that you can sit there and "play with for hours." There's really nothing to do on it until you get an alert that you want to respond to. There's only so many times you can ask Siri, "what's the weather like today?" before you get bored with it.