It looks interesting, and with the experts Apple have collected from the design, watchmaking and health fields it should work well and be a great leap forward.
My thinking on it is I might have to go for the "Collectors Meeting look" (i.e.: two watches, one on each arm).... in this case a vintage Heuer and the Apple watch.

What I found a bit weird is that the watch obviously has a lot of design cues from early Marc Newson ikepod watches (the rubber strap seems an exact copy) but Apple only announced that Marc Newson was working for them 2 days ago. I guess it is some legal constraints on Newson working for Apple that delayed the announcement, even if he was working with them?

The other thing which I wondered about, will there be a "calibre 12" version of the watch - i.e. - the crown reversed - for people who wear their watch on their right hand and need the crown controller on the left? Obviously you can flip the watch upside down and the display will flip, but then the crown will be below the button, which is not how the interface was optimised.