Having spent the day with the Go Plus, I definitely don't regret the purchase. It's not for everyone and most (if not all) of the complaints I've seen are completely valid.
It's shockingly ugly and feels exactly like what you'd expect a $35 toy to feel like, but I almost never wear t-shirts at this point and it tucks itself away nicely under most of my wardrobe. It's not really thick enough to have a noticeable silhouette either (if it seems like I've overthought this it's because I have; I put an unreasonable amount of time into my personal appearance and shallowly would never wear this if it was noticeable).
Continuing with the negatives, for the first half of today it disconnected constantly. With startling consistency, it would start angrily buzzing at me whilst flashing red, and a few moments later a notification popped up on my phone informing me that my Pokemon Go Plus session had ended, and I could launch the app from the notification. I'm not even sure if this a feature or a problem at this point, because while I personally don't think there's any reason for the device to ever disconnect on it's own, the notification was decided cheery about how it notified me of this. The wording really implies that the session ended just as I should have expected, and I can launch the app to continue at my leisure. It's far from a "LOST CONNECTION TO POKEMON GO PLUS DEVICE" sort of message.
On a positive note, it turns Pokemon Go into exactly what I wanted: an almost stupidly passive game that I can occasionally check in with to battle, check out your new Pokemon and fiddle about with other cosmetic stuff. I had completely stopped playing because while I walk often to commute to my university and workplace, I usually have my phone out to read homework/GAF/other internet stuff, and (at the risk of stating something everyone reading this already knows), Pokemon Go inexplicably demands to be running in the foreground. This quickly became a trade I wasn't willing to make, so I gave up. I've been working on hatching several 2k eggs and a 10k egg for the past month and made almost zero progress until today.
At least for how I personally want to interact with Pokemon Go, the Plus is perfect. It sits discreetly on my wrist, and whenever it starts buzzing I tap it regardless of the notification. The catch rate isn't great, but it's decent enough to merit the split second it takes me to tap my wrist. At the end of today, I filled up my bag, hatched three of my eggs, and caught a stack of common Pokemon as well as some stuff I actually hadn't even discovered yet. In all honesty it's really strange and off-putting that Niantic have chose to lock this functionality behind a $35 chunk of plastic, given that the game should be able to do a lot of this while closed with no device at all, but I'm ok with it for now.
If I'm brutally real the mechanics were already so barebones that reducing it to a button click is, if anything, more rewarding than the skeeball experience in the app.