I'll try to find time to post my thoughts later (Avengers!). I've been tweeting about it as much as I can without feeling like I'm being annoying.
Gruber says about everything I'd want to.
The short version: It really is a watch first. Think of it like a "watch plus" or "watch with benefits"
and you'll like it. Expect an all-purpose computing platform and you might not. I like watches, so I'm in love with the thing.
Edit: also, Apple Pay is awesome but sort of makes me feel like a tool.
Edit edit: not to say I don't use it like all the time