I think you have an excellent perspective on Apples watch. I agree with every point you've touched on. In fact I'm sitting back, taking a wait and see position on this new product myself.
As a extremely active fit person with a full compliment of bp/hr/O2 monitoring gear for my extended workouts, I have no need for any of the watches functions presently.
It'll be interesting to see the second generation Apple watch and what improvements Apple makes. A very long time Apple customer, experience over the years reveals Apple always uses the first generation to learn from.
For me, and I'm sure many if they are honest, this is a bit like being told you are going on holiday, but not told where.
So, just to be safe you take everything, swim wear, fur coat, ski's, rock climbing boots, cowboy hat, kitchen sink!
Honestly, and this is NOT a criticism, it feels like Apple does not really know, so they've made a product, that's currently just semi general purpose, does, potentially a bit of everything quite well.
It won't do sports as well as something dedicated to sports, it probably won't do health as well as a product dedicated to health, and so it goes on.
It's not a bad idea, as you are covering all bases.
Apple can do this now, see how the market reacts, and then I'm sure will focus and adjust the later models in areas that it's deemed to be really wanted by customers for, and those aspects no one really every used, will fade away.
As I said, it will in years to come gain focus.
That's no bad thing, but I think we need to be honest about this.
It will change, it will get better. Apple will learn what things is does not no one wants and ends up being a non used gimmick (touch your lovers heartbeats?) and what areas people use all the time and want made better.
That's no reason not to buy it of course, just to enjoy the ride of the product learning curve.
I could even see this type of product not getting very far.
Instead we see more speciality watches for various needs, all linked in some way, but not all total general purpose ones as many people won't want an all singing all dancing smart watch.
They may want something small, something pretty but only slightly smart