The watch has wifi for connecting to your phone (in addition to bluetooth) but not for connecting to any other network. We don't know what exactly the wifi will be used for.
The Apple support pages say that the watch does NOT have wifi. ONLY blue tooth.
From Apple's site: http://www.apple.com/watch/technology/
Wi-Fi and GPS. Apple Watch uses the GPS and Wi‑Fi in your iPhone to help measure the distance you travel during the day or during workouts that can’t be measured in steps, such as cycling.