In an interview last night, Jony said that Apple has been working on the watch for over 3 years. The software, hardware, and the intentions behind it are fairly impressive.
Props to Samsung, LG, and others for whipping up something in a hurry and getting it out to the market quickly, but I think we're going to eventually see this as another example of Apple not being first but being better.
Like all Apple products, they have the force multiplier that is the development community behind this product. Aside from what was shown yesterday, devs are going to create some amazing experiences that we're yet to think of. Those kinds of innovations can't be discounted as the competition heats up.
In the end, it may be less about the hardware and OS as it is developer support. I think we all know how that has turned out in the phone and tablet spaces. I'd expect wearables to be similar.