It's wrong to think of the Watch's dependence on the iPhone as a negative.
Let's say Apple said, OK, we are only going to put in it what it can achieve by itself. Well, it would be missing a ton of features because you can't fit a cell radio and GPS in there, and it would not work with apps on the iPhone.
It's not so much that it's weakened by its dependence, it is strengthened by its ability to leverage the power of the iPhone, and all your favorite apps.
This is no more a "watch" than the iPhone is a "phone".
The iPhone is a computer in your pocket that happens to also make phone calls. And Apple is redefining what exactly it is that we are watching on our wrists.
If you think of the battery life in the context of time pieces, it's terrible, but if you think of it in the context of this whole new category that does all that it can do, the battery life is acceptable.
You have to weigh the convenience that having this device provides you with the inconvenience of having to charge it once a day, and possibly topping it off for 15 minutes once a day.
To me, it is totally worth it.
I rather have an Apple Watch with "poor" battery life than not have an Apple Watch at all.
The other value-add this Watch provides me, aside from all the other advertised features, is - I plan on keeping my iPhone 5S another 2 or 3 years - (I am that happy with it) - and this Watch enhances the iPhone, saves some iPhone battery life (I'll turn the screen on way less), and adds Apple Pay to my life without needing an iPhone 6.
I've been wanting a SUUNTO watch for ever but kept balking due to its $300+ price. The Apple Watch does what it does, and way more and I'll be buying it the day it comes out.