I think the price is a bit worrisome. At $350 for the low-end model, combined with the likelihood that version 2 will be much better, it makes me wonder if I should wait for version 2 o r 3. If the price were $150 I feel I would be at little risk going with a version 1 product and then upgrading again a year later. Part of me wants to support v1 so there will be a v2, but the price for entry is a big consideration. I may just not buy it on release day and wait for the reviews to come in. If v1 is strong enough, then I will buy and plan to skip a couple of generations.
I was hoping it would work better when not in proximity to the iphone. I am a small person and it is sometimes hard to carry the 6 plus when I walk. But I like using my iPhone as a pedometer. I was hoping the I watch would do that and sync the info to the iPhone when they were in proximity. Maybe the next version will do that. So I will wait.
It's clear that Apple is holding off for something better in the future (like always). They left a lot to be desired with this watch; especially the design. Like iCrank said, it looks like an expensive child's watch. Apple should go for a more sleak look along the lines of the Moto 360 design. I, for one, am really excited for the Apple Watch... Just not excited about the first generation. I will be holding off and waiting for a clean design.