Here are my first thoughts (I kind of won't be doing device specific nitpicking as this is the first iteration. We are sure the concept will evolve with time):
Good things:
1.) The Tap-talk feature is an absolute genius for me. This, exactly this, is the perfect non-intrusive yet hyper connected way to intimately stay in touch with someone. Just tap on their wrist, so simple. Make a little scribble to show emotion, so beautiful.
2.) The digital crown seems very interesting. I know the concerns on this thread, but if you see the demo again, the nob is bigger and is fluid enough to rotate by rolling just one finger on it. We hate crowns on our watches not because we have to rotate them, but because they are hard to rotate. This one might be different.
3.) The built. It starts at $349, while Android Wear is at $250-300 range. But then this is sapphire glass with at least steel body. And their is mention of actually how a watch is accurate with time, something 3 other companies didn't do.
4.) Multiple sizes is a good thing. Small people, petite ladies don't like to wear big sizes. I like how adaptive this watch is with the sizes, materials, straps.
Now on to the awkward parts:
1.) They gave developers at least 4-5 months time to implement the tap-talk on Android Wear. By the time this watch actually comes to stores, it would be beaten down concept.
2.) They gave Android Wear manufacturers all the time to step up their game.
3.) The killer app, even in on-stage demos, seems to be the maps app. The Apple maps, unfortunately. That makes it profoundly useless wrist weight for anybody living outside of handful countries it actually works in. That gives Android Wear a terrible advantage.
4.) No GPS on watch. So basically I have to carry my phone in pocket during runs. There is already GPS apps which do that. So that makes this watch essentially a display.
5.) No word on battery.
6.) Apple launched a watch today. A week earlier Moto launched a better looking watch. This is a sentence I never thought I'd say.
Would I have bought it today if Apple launched it? Yes.
Will I now that Apple has given me months to think it over? No.