I picked one up yesterday morning. It's stylish enough to wear and forget you're wearing it, if that makes any sense.
Best part about it is the hands free voice commands. I can send a text by saying OK Google and have it transcribe something. I can say Navigate to Glendale Galleria and a turn by turn and a map will appear on the watch. If I'm in the kitchen, I can do stuff like tell it to set a timer for 5 mins or ask how many tablespoons in a cup without having to touch anything. Incredibly useful and the killer feature for the watch IMO.
There's the heart rate monitor and step counter, which I don't really care for. Everything else is standard Android Wear stuff, mostly focusing around notifications. Whether or not you can read stuff like texts depends on Android Wear support. IE I use Verizon's standard text message app and the text notifications get cut off. Through GroupMe though, I swipe up to get the full text, swipe to the left to get options like "like" or reply via voice, etc. Some apps, like Wear Camera, don't work with the watch yet.
With battery, I'm currently at 77% after 5 hours. Both watch face always on and ambient screen are disabled.