If I'd say I'm underwhelmed, it would be a big understatement.
Every major device announcement that Apple made in the recent years was always driven by one thing: It had a purpose. It provided something that was lacking in the world. Not a totally new invention in many cases, but a solution. Smartphones existed before the iPhone, but it is clear that the smartphone market history can be divided into "before the iPhone" and "after the iPhone" - just look at pictures of smartphones from those two periods.
iWatch? I know it was rumoured for two years or so, but in all that time I couldn't see which problem it solves and what meaning to life it has, and I still can't. It seems the Jobs spirit has left, because this is clearly a device that was made in response to the rumours about it, not because someone knew what he was doing.