I think after I get the watch, as long as I'm wearing it, I'll keep my phone on silent mode (and the watch for that matter) because the taptic engine will be enough to notify me of what's going on on my phone.
When I'm not wearing the watch, for example when I'm at home, I'll turn the iPhone sounds back on so I can hear it, the watch will be on its charger.
When I'm not wearing the watch, for example when I'm at home, I'll turn the iPhone sounds back on so I can hear it, the watch will be on its charger.