I have a different perspective. I recently bought a Garmin Fenix 3 GPS/semi-smart watch. Before I had this I didn't get the entire category at all. Now I still don't get the Apple watch but I DO understand more of what's coming.

Coupled with a heart rate monitor I can see a zillion interesting metrics about my exercises (including cadence and ground contact time). When I'm hiking I have a GPS map that I follow to show me how to get back to where I was. All the standard GPS features, plus I now get notifications when someone texts or calls and it's so much less inconspicuous to check the messages on my watch.

While I'm running I can just leave my phone in my pocket and control my music on my watch. Also the watch is always showing the time (it works well in light so the backlight is usually necessary).

I don't need my bike speed computer anymore now that I have this watch as well. One less thing to futz with.

A key thing that makes this watch work so well where my last GPS watch failed is the battery life. It can go around a full week without charging so it can easily last through a day of use. Several if I can't get to a charger.

I don't have the other features of the iWatch but they don't really appeal to me. All I can say is that this watch is one of the better electronics purchases I've made. There's definitely SOMETHING to this category of devices. I don't think Apple's got it quite yet though.