Adding Apple Watch to their portfolio of things they need to develop for, I can say it's obvious is not going to care much for photographers. Heck, they went from 2 photo apps down to 1. They may just setup the initial framework and controls, and let the plug in people handle the rest.
I think this is right in the money. We really know what it's going to be, iOS Photos + RAW processing that's already in Yosemite + some more granular controls, like this picture above. Beyond that it will be up to 3rd party's to fill in the gaps with extensions. Apple is basically providing a platform to provide developers something to build on and a basic photo DAM for the average user. After giving this much consideration, I realized my heart has been broken by Apple in the past too many times to expect anything more than this.