I'd suggest two things for the more close-minded among you:
1. Have a look at the video tutorials Apple has posted on its site, particularly the one for Activity. Most of you really appear to be arguing against the concept of wearing a watch at all. I think after watching those videos you'll have a better understanding that this device does, in fact, quite a few things the iPhone doesn't do, and in working together with it it does more than (a) any other watch and (b) notifications.
2. Go to an Apple Store and get a demo from the staff instead of speculating about stuff you haven't actually tried out.
The best fitness bands run about 2/3rds the price of the Apple Watch, so when you consider it as a better fitness band than any other AND the other things it can do, THEN the $350 entry point starts to look pretty reasonable. Not having to pull my iPhone out of my pocket 70 times a day to check the time or the latest notification will actually be kind of nice, and I'm looking forward to seeing if that makes a big difference. I'm also, as an iPhone 5s owner, looking forward to using the Watch with Apple Pay. Call me old-fashioned, but I think your wrist is, in fact, a better place for what Apple calls "glances" rather than pulling out the iPhone all the time.