Yes, it is true that the battery is currently still a pain point, and it will take a few more years to break the 1 week barrier. I don't think it will stop sales though, people are so used to charge their phone daily.
But I also think that the battery is just one of the many elements, and even an Apple hater has to admit that they were thorough and innovative in several areas, most notably in the straps and bracelets. These things have been in status quo since decades inthe traditional watch world, while Apple truly started from scratch. For example you can resize the bracelet without tools. No sales clerk hammering on it. Then you have the straps with the magnetic locks. And the sporty straps wher ethe leftover bit folds under the strap, which is very neat (I expect that this last one comes from designer Mark Newsom who is assisting Apple with the watch design, he had done similar straps for his ikepod brand). Also the lugs of the straps are integrated and can easily be replaced, meaning every strap can have the ideal lug instead of the generic one on traditional watches.
In general the material choice is also more akin quality watches than the Pebble etc, for example the ceramic back.
All in all, while the local Apple hate puts blinders on the eyes of many slashdotters, if you have an open mind you have to admit that they really thought things through.
Will I buy one? Maybe in v2 or v3 when they will have added more sensors. The health focus will be the killer app for commercial success.