The watch is impractical for a huge host of applications. Sure you can see who texted you but how often are you gonna reply with a wink? You'll still need to take out your phone to answer damn-near all of your texts. They did not make the screen big enough and able to detach from your wrist in order to make quick, but specific replies possible.
Furthermore, it is not stand alone. The most touted feature is Fitness, but you're gonna have to put your phone somewhere. And there's no way in hell some chick with short shorts is gonna cram a phone into those or strap it to her arm with a watch on the other. That's ridiculous.
It's a fashion statement. That's it. It's barely more convenient for VERY few things than taking out your phone is, and it doesn't stand alone. It's, again, impractical.