I got a Samsung Wear Live which works quite well as an accessory for my Nexus 5 phone. I'm not sure if it's worth $200 to the typical user, but some people pay much more than that for just a watch.
I think Google managed to cross some sort of threshold of usefulness with the Android Wear API, and Samsung has done a clean physical design. It functions as a good and possibly even stylish watch (albeit of the "digital watch" genre) as well as providing some extras.
The notification interface is very useful for fielding messages/emails that I receive on my phone: I can, at a glance, see whether it's worth taking out my phone to read a full message. When I'm driving, I can glance at my wrist much more safely than pulling out my phone. When I get an SMS with an access code I can again easily see it on my watch. You can also click to read more of the message on the watch, but eventually it gets silly on such a small screen.
The Google Now notifications are also a bit more useful as occasional popups on the watch than as cards on the phone's search screen; when I pull out my phone it's usually for some purpose that the Google Now cards just interfere with.
I still haven't seen special-purpose "wearable" apps that make much sense. The heart rate monitor doesn't work on this device unless I hold very still (useless when exercising). The screen is too small for navigation, although it might be useable for point-by-point directions in some cases. I have a compass app which might be convenient to have on my wrist if the magnetometer didn't need recalibration (via awkward figure 8 gyrations of my wrist) every time I think of using it. The security-related apps ("unlock my phone" when I'm holding it) are still too insecure. Several note-taking Apps have versions but I don't find them so useful without any method for input. There is of course also the voice input, but I find it pretty inaccurate so it's hard to do anything involving input on the watch.
I haven't had time to read up on the iWatch to see if they've managed to replicate the innovative "watch as a notification extension of the phone" which Google has developed.