I think the Apple watch is still a gimmick, and more of a toy than a tool. I used to feel the same way about the iPad, though. My opinion changed as the iPad became a more mature product (a few months after the iPad 2 was released was about when I accepted it as a 'useful buy'). I have an iPad 3, and for me, it's still more of a toy/media tool than it is a tool for productivity... but I don't look at it like it's fluff, even though there was a time that I did.
With that all said, as things currently stand, I think the Apple watch is fluff. There's not enough battery life, and 99% of the apps I have seen just don't make sense. When I'm wearing a regular mechanical watch, I tend to pull my phone out to check the time instead of tilting my wrist to look at the time. If my phone contends for convenience at that level, how could these miniaturized apps for the watch contend with their full-sized counterparts on my phone? I think it will take more than just one iteration of the Apple watch to cycle through before the tech becomes more than just fluff. Right now, I would prefer something along the lines of a Fitbit over an Apple watch: It would wake me up when I want, track my sleep, have a pedometer, check time, etc... all I want, all I need out of a watch, better battery life, and straight to the point.
Something that would amaze me (and immediately make me want to buy one of these watches)... which just isn't possible right now... is if you could fit a significant amount of storage onto the watch (1TB or more), and essentially use it as a wireless (fast) USB drive. Just not really feasible right now. I'm sure there's some other great things the watch will do one day. However, one last thing that would impress me is if the thing didn't need to be charged every single day.