I too have been rather baffled by it, trying to determine what exactly the angle is for the Watch. With the iPhone and iPad, the announcements had some idea regarding what Apple thought they'd be used for. The iPhone was an iPod, a phone, and an internet browser/email client in one. The iPad was something between a laptop and a smartphone that was meant to be better than either at certain tasks. The Watch is just... this thing that sits on your wrists and tells you when you have messages and calls and tracks your heartrate and whatnot. They don't seem to have a clear message for it.
The only angle that makes sense to me is that Apple knows the Watch isn't essential to everyone in the same way a smartphone is so essential. It doesn't do anything your phone doesn't do (except admittedly fitness tracking), it just makes doing some of those things quicker and easier and more frictionless. The Watch is a nice-to-have, not a must-have - in other words, it's a luxury. And that falls in line as well with the prices of the steel and gold models, the existence of the gold models in the first place, the ridiculously high-precision manufacturing processes they're using on things like the link bracelet (9 hours to cut the links for a single band, fucking Christ). It's a non-essential luxury accessory and the whole thing is designed and priced that way.
i was disappointed by the lack of narrative during the 2 (somewhat identically empty) keynotes, too.
Then i figured: one of the main narratives would have been "guys, our iPhones have become super annoying. They're getting bigger, clunkier and we keep getting bombarded by notifications in our pockets"
One of the biggest features of smartwatches is the fact that they compensate the "did my mom text me that my dad had a stroke or did amazon just recommend me new underwear"-vibration in our pockets that our phones can't really solve unless you give each of your contacts a different notification tone / vibration pattern.
Of the "things you can actively do with the watch", only the remote camera finder, music controls and the running apps are things i care about. The rest of it is purely
passive, ultra-silent notification handling - and you can't really fill a keynote showing someone sitting in a meeting, looking at their wrist from time to time, ignoring a few notifications (which the audience can't hear because of the taptic engine). Don't know how to really demo that.
To anyone's saying it's pricey - it's $349 or $399 for the fully functional model. That's not pricey.