you really find low power bluetooth to be that bad of a drain on your phone? I use it for my helmet headset all the time while I am riding and it doesn't seem to cause too much of a problem. I doubt this would either.
I will give you that daily charging sounds like a pain though I almost worry about the watch being slightly better than that but not a lot. I can get into the habit of charging it nightly but remembering every couple of days would be a pain in the ass.
Mostly though the point of this design is to be discreet... the whole reason you want to get notifications on your wrist instead of with a loud ringtone or vibrating phone is to be discrete, to be able to check the time without making everyone around you aware of the fact that you are bored and are waiting to leave, or to check to see who is calling to decide if it is important enough to answer or to navigate through a city without staring at your phone half the time (particularly useful for runners or bikers).
I get that this might not be a critical issue for you but it is a real attempt to change the way people intreract with technology so that it is less obtrusive and that has value to some. Now that said it is crazy expensive and the next version will be thinner with better battery life and probably cost less so early adopters are going to get screwed on this, just like they did with google glass (which will also likely be way cheaper in its next revision) or with just about any other first generation product. I will likely wait before I invest in something like the apple watch but I think to dismiss it right now would be a mistake.