I have to disagree with you. What I will agree with is that it isn't for everyone and the value it presents for the cost is definitely different for everyone.
For me, I own watches, but I have several different mediocre ones for different occasions. I don't like it honestly. This watch offers modularity to the umpteenth degree. This thing can look classy or sporty. They are made with premium design, fit, and finish with durable materials which I am huge on. I track my fitness and health and have wanted a wrist worn HRM. I am constantly on the go and can't use my phone but would love to be able to see quick tidbits. Driving with this thing is awesome. Making calls, getting directions, all without really having to fidget too much (tho there is room for improvement). For me, I have used it and I can say that I feel it is worth the money.
What makes me even happier is the excitement this thing brings for the future of the watch. I can see some of Apple's "unseen" strategies that I haven't really seen anyone mention, but where things look to be going is very exciting indeed. That becomes added value to a product o think is already worth it.
I also happen to think this thing is a miracle of modern engineering and science. When I was seven ('92), I had a computer monitor that weighed 45 pounds and could display dozens of colors, had a separate computer that weight another 20 or so pounds that could connect to this thing called the Internet. I look at this thing on my wrist and am occasionally floored by that concept. What a mind trip!
Like I said though, I can honestly see why some people may not find enough value to justify cost in this product as well.