It is thick. They had to resort to gimmicks - communicating heart rates, drawing fish, three dots to ask for lunch(!) - to make it sound useful. The price is off by at least $100. They specifically danced around mentioning battery life - with these many features it might not actually be all that better than the competition - an area where Apple habitually shines.
The UI also looked complicated to me - two ways to control it - touch and the unimaginatively named crown thing. Which is again very un-Apple. (When the watch is on your wrist I kept thinking how easily am I going to find the crown. For a normal watch that thing is very rarely used and that too when it is not on the wrist.)
Not that I think SmartWatches are here to stay as a mainstream product but the little hope we had that Apple will knock it out the park with some must have feature - that hasn't panned out with the iWatch for sure.