You guys are sort of missing the point. The Apple Watch IS a good timepiece simply because it is able to show you the most accurate time possible on your wrist. Just because it gets this information from Universal Time doesn't make it any less of a watch. Heck, with a Rolex you have to set the time yourself which to me is no different.
If you interpret the word "timepiece" as something that keeps the time on it's own, then sure, my old digital watch does a pretty good job but I would still need to set it myself from time to time or it would get it's time hack from WWV every night. Either way, an external input would still be required just like the Apple Watch.
I also see many of you taking the technology for granted. When is the last time you had a watch on your wrist that can display time within 100ms and keep it that way for months on end. Not me therefore I'm impressed.