I personally think that this is where we could be headed long term. I am extremely bullish on the Apple watch. I purchased a Microsoft Band for the fitness/sleep tracking functionality (where obviously didn't turn out to be great), but I "saw the light" in terms of having a smart device on my wrist. I pre-ordered a watch for myself...convinced others to pre-order, etc.
That being said, I am a huge mechanical watch fanatic, and I am struggling with what happens to my other watches. I'm considering just double fisting as well as switching to the double neck ties seen in Back to the Future II

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At the end of the day, I think a device that does 100 different things will "win" over a device that simply tells the date and time. The biggest concern I have about the Apple watch is that everyone is going to have the same damn watch. Sure, there will be different bands, but I feel like it might get a bit boring with everyone having a rectangular screen on their wrist. Watches have been such a great conversation piece for me, and I often bond with people who have the same, or similar watches.
Apple obviously can and will change the shape over time, but I think it would be so cool if the apple watch simply becomes a chip, and sapphire crystal that can be integrated in any mechanical watch. I would easily pay extra to integrate "watch OS" into a true luxury watch that I can pass down to my children.
Time will tell, but I think it is silly to slam someone for thinking that this is an ideal solution.