I'm not really getting it either and I was really excited about it. I held off on a Nike fuel band because I wanted to see what the deal with the 'iWatch' was going to be.
If it needs your phone to be really functional why not just use your (now really big) phone instead of a tiny screen on your wrist?
The heart rate thing is cool, I used to fixate on it when I first started exercising regularly but the more I ran and exercised you kind of realize in a way it doesn't matter, doing something is better than doing nothing. I had one of those polar heart rate monitors and watches (still have it somewhere) and after two weeks I never used it again. You know when you're getting a good workout and when you're dragging because your body tells you. It doesn't seem as cool as it looks to me. (am I missing something?)
When you stand up your hands are close to your pockets or your belt so if you bring your arm up to view the watch why not just grab the phone?
I can see how this would be nice for people who keep their phone in a bag (especially while walking, biking or taking the train). Though for public transportation users, you probably will have your phone out already.
Or also for people who work with their hands though I'd be a little nervous having that exposed to a construction environment day in and day out.
edit: Or when you're out with your significant other and discreetly would like to know your favorite sports team score.. (The Apple Watch, saving relationships everywhere)
For now, for me, I'm going to order a fuel band, it presents much more of a value to me but I will really hope that they make something awesome out of this. I'll get one for development purposes sooner or later but I wish i was excited about it.
I think the discreet characteristics will also be good for people with office/cubicle jobs. You don't want the boss to walk by and you are always looking at your phone. If you are looking at your watch, you can put it down or read from it with your hands resting on a keyboard.
For me, this would be cool for music apps/airplay/appletv.
Not sure it is worth the money for that purpose alone, but combined with the stealth features, the health feature, the pay features, the in city nav features (with the ability to be on vacation and automatically get the directions to places I am interested in), changeable watch bands and clock faces (the timer will be great for cooking), etc.... I can easily see the purpose.
Also, it is easier than pulling out your phone or carrying it from room to room all the time. Also, one of the issues with the iPhone is the fact that when you have it on vibrate, sometimes you can't feel it or you have it in a drawer and don't know it is vibrating. This thing is right on your wrist, so you should always have it with you and you should feel the vibration or knocking without missing that call/text.
The main downside for me is the starting price and where it will end up when I pick out a fancy band and larger face. I don't know if it is worth the money for me, but I can see its purpose(s).
