Two ways to navigate the interface (wheel for zooming, to avoid touching the screen, and panning by...touching the screen).
Tasteless misfeatures like customisable emoji [1] and drawing your own fail whale on a tiny screen [2], and most inexplicable of all for an expensive watch - very little attention paid to the actual watch face designs, which are not even adapted to the square frame, and some of which have numbering superimposed awkwardly over images like a butterfly or globe, or mickey mouse...ugh [3]
[1] http://tctechcrunch2011.files.wordpress.com/2014/09/apple024...
[2] http://tctechcrunch2011.files.wordpress.com/2014/09/apple025...
[3] http://tctechcrunch2011.files.wordpress.com/2014/09/apple021...
Combining all that stuff with materials like 18 carat gold or brushed steel doesn't really make sense - it's as if they asked a different person about each feature included and then mashed it all together in some frankenstein mess. The fitness features look quite nice in contrast.
I actually think in future we'll all be using wearables like this far more than phones - little status bands or com badges or glasses/contact lenses, but this is not a glimpse of the future so much as a glimpse at the dysfunction in the current Apple design process, post Steve Jobs, and their inability to produce coherent products.