Matter of personal taste
I bought an iWatch recently after the price drop, and I have found it very useful, certainly the calendar and app notifications, airline notifications, and to a lesser extent the fitness apps.
Yes the battery life isn't fantastic but I put all my devices on charge at night anyway and it tends to last about 3 days without heavy use anyway, and you can always look at your phone at the end of the day if it does die (not happened to me yet), just when traveling looking at your wrist is a lot more convenient (and depending on the location safer) than getting out your phone.
Over time the comms situation will sort itself out, as will the on board storage, until you have a device like this on the market you don't tend to see much development, but if you have a product that sells then companies will spend money on further development to keep the purchases going.
On the subject of old pocket watches just read recently that the little pocket in Jeans pockets were made for old style fob pocket watches because that's what Levi Strauss's customers (think cowboys) used at the time, tried a reproduction pocket watch I had and it fits perfectly, who would have guessed?