I think that it's too premature to judge whether this effort is more justified technically and subjectively than Android Wear or any other competing efforts from independent vendors. Apple's device won't be shipping for another several months, and the demo given at the keynote today hardly scratches the surface of what the product could potentially do.
There needs to be an identifiable niche that these smartwatches could work with, and they ought to be marketed to that niche to really sell the idea of wearing a screen on your wrist. Similar to how Microsoft is positing that the Surface is intended to be an artist's easel, it's perfectly plausible for Google to market Android Wear to musicians, athletes, and early adopters -- but I haven't seen that effort from them yet. I get glimpses of this marketing approach from Apple's newfound moxie, but it still feels like everyone who makes a smartwatch is trying to sell it to everyone, which seems short-sighted given most people do not wear physical timepieces anymore.
There is potential -- but not now. Early smartphones were hollow and unfinished (yes, even the iPhone). Form and function will get better as time goes on, and there might be a legitimate use-case for devices such as these.