I agree, though I think the Icons should not be square like on other iDevices. It wouldn't make sense in the grid they chose. I think they chose this rather random grid because you need to see more on a tiny display and don't want to scroll through endless pages when trying to find an app. It makes sense to choose circle icons from that perspective.
The circles look weird though, the grid they introduced in iOS7 on the app icons doesn't fit really well with some of them (mail as an example).
In my opinion, if they stay with that much functionality, a better way would be hexagons (like the "Foursquare/Swarm" Style). It would look better.
Though, to underline this all, I also think they should seriously cut down on some functionality (eg. Photos, Calendar, Weather, Browser (I guess that's the would Icon on the Home Screen?) and some more...). It makes no sense to do all of that on a watch. Get rid of everything and let them live in "Glances" (not Photos though!) where I can see my next appointment, ask Siri what is going on or add a new event through Siri. This is what is essentially more important then the shape of the icons in my opinion. When they established that, the Home Screen will be less cluttered and you can get a grid, new shapes and so on...
That's just my 2 cents ;D