I feel the same way, but I'll probably buy the 360 anyway. Still debating it with myself. Oddly enough my main issue is the size. I don't want to broadcast, "Look at this nerd" by wearing a huge bulky screen on my wrist. I figure Google is really on Wear 1.0 and the next update is going to address a lot of concerns, especially in regards to battery life. This is still early adopter territory.
My concern is that Apple has the ecosystem to do something dramatic that Androidland simply can't catch up to quickly. I know Apple has been down on the Qi charger system, but they never really talk about wireless charging. In my mind wireless charging and wearables go hand-in-hand. Imagine if your next phone had witricity built-in. It would charge your wearables all day. The battery on your wearable would need to be just big enough to handle occasional disconnects from your phone. Now you've solved the battery problem. Sure, your phone will discharge faster but Apple can add a slightly fatter battery to make up for it.
Meanwhile, the Android guys are all trying to figure out how the heck to build things with strong enough batteries.
Just speculation, but I'm afraid that someone with a clever enough gamechanger is going to rule smartwatches. The first iphone's ultra-smooth OS and touch-screen only really made my Treo look like crap. I'm expecting something on this level here. My best guess is that the Apple device will be ultra simplistic like the Pebble with similar battery life while the Android guys are stuck with Google's wearable vision of yet another smartphone-like device on your wrist. The latter might just not be feasible at this generation of technology. It also doesn't help that Motorola chose an older SoC at a process that will use more energy than the latest SoC's.
My gut feeling is that this thing is like buying the G1. Lots of promise, but you're better off waiting until the next attempt.