Some people want a watch that can fully replace an iPhone. Others just want a wearable iPhone accessory that offers the convenience of being right there for a quick glance or response. I'm definitely in the latter group... there are almost never times when my iPhone is not within Bluetooth range for more than a few minutes. Sure it would be cool if the watch had its own GPS and cellular connectivity, but until the trade-offs are mitigated (battery life, size, cost, etc.) I'm happy to leave some things up to the iPhone.
Maybe Apple's own calendar and weather apps are slower (haven't used them in a long time), but whenever I tap a complication for Fantastical 2 calendar or Carrot Weather I get the information I need quickly. Usually in less than a second and almost always within 3 seconds... which is still less time than it would take me to get out my iPhone and access the information that way. Even for those apps or occasions when I need to wait a few seconds more, at least I'm not having to dig my iPhone out of whatever pocket or bag it's in. Sometimes I prefer checking my watch because it's less distracting. I definitely spent more time staring at the spinning balls on my watch back with OS 1. Almost everything about the watch has gotten faster for me with each update except for the apps that haven't yet updated to run natively. Even running natively, not all third party apps are created equal. Some are fast and responsive while others are frustratingly slow. For me the watch doesn't need a lot of third party apps to be useful though. I use only about 4 or 5 on a daily (or every other day) basis, and they are all fast and reliable.
I think the way the Apple Watch works with text messages is fantastic. Most of my texts can be answered with a simple standard reply. The Apple Watch offers useful standard replies based on the content of the message and you can also add your own. I don't use the voice-to-text reply feature that often, but I have found it to be very useful on occasion. I also love being able to say "Hey Siri: Text my wife and tell her that I'm running late." I have no desire for a watch-sized on-screen keyboard. If I really need to tap out a message, that's when I will get out my iPhone.
As for the durability of the bands: My blue sport band has held up well, but I have two other third party bands I wear much more frequently: A brown leather band and a black leather loop knockoff. Rotate between two or more watch bands and not only will they last longer, but you will be less likely to get a rash than if you just wear the same band every day.
The Friends button: Yeah... I don't really use it that much either. Occasionally for Apple Pay and for restarting the watch. I'm more likely to initiate a phone call or text using "Hey Siri" or my iPhone.
Sean