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Power saving mode is useless. Just keep giving me notifications until the power is dead. If I want to know the time I'll look at a clock or take out my phone.

Nah, I agree you should at least be able to tell the time until you can get it home onto the charger. I wouldn't want to have to take it off and put in my bag/pocket once it had died in case it got damaged. I'd feel a bit foolish with something strapped to my wrist that didnt have a clock on it!
 
Every pixel you light up uses energy. So showing simple text on a black screen is most indicative of "saving energy"

But they've still revoked every functionality of the Watch. You will still reap the benefits, perhaps slightly reduced. Don't forget you have your phone on you that can tell you the time. And if you don't have your phone on you, you're not receiving notifications anyway.
 
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