Watched the keynote today. Am I going to get an iWatch? No. Here's why:
1. 18-hour "typical day" battery life. Ouch. I expect a watch to last at least a full day on a charge, and less if I'm tracking a fitness activity with it (but I still expect 10+ hours during fitness activities). From early reports, under heavy use this "18 hour" battery life is really about two hours; there's a reason the very first accessory available for the watch is an expansion battery.
2. Patents have pretty well locked up the optical heart rate market, so unless Apple licensed one of the two major patent-holders, the optical heart rate is going to be terribly inaccurate under heavy motion, high heart rates, sweat, and for those with dark skin.
3. No waterproofing. Just splash-resistance. This is the deal-breaker for me. My fitness watch needs to be able to go into the pool, reservoir, or ocean and be 100% fine in an unexpected downpour when I'm on the bike or the run.
4. Total dependence on an iPhone. I want my wearable to track movement, distance, and activities even if I choose to leave the phone at home while hitting the weights, pool, bike, or track.
You won't notice "price" on my list. Like most Apple products, when you evaluate the capabilities, weight, and feature set at day of release, Apple products are actually very competitive. At $349, I think it's going to sell like gangbusters, with a compelling feature set that eclipses much of the similarly-priced competition.
And I hope they sell a gazillion of them so they can eventually address the needs of multisport athletes.
Maybe in version 2.0. Or 3.0...