I'll take the bait. :)
I think it is wonderful that Apple has entered the category - maybe this is what it takes to really get wearables to take off. However, from what has been shown so far I personally don't see what the killer app is. When the iphone launched, it offered something that no other device had - a great web browser in your hand, and obviously the introduction of touch. This watch? It requires me to have a phone and yet does not enable me to do anything I can't already do on that phone?
It probably will still sell well -history has proven that there no shortage of people (myself included) willing to pay a premium for Apple's products- but I really don't understand what the value proposition is.
Are there a bunch of developers dreaming up cool applications? For sure, but if initial sales disappoint I'd expect that enthusiasm to wane quickly. So Apple better have some killer app in the sleeve, or else....