While I am looking to upgrade to the Series 5 from a Series 1, I'm disappointed in the lack of native sleep tracking functionality... it's a glaring hole in the concept of overall health tracking.
Similarly, I'd hoped they would announce some standardization to weightlifting in HealthKit. The watch and iphone health options are very cardio-centric, and every weightlifting app has implemented their own internal 1RM tracking which should be at an OS-level instead.