I have the entry-level Pebble, the price of which has by now dropped to spare-change levels. It does most things that the Apple Watch does, except no heart rate monitor. It's fine for notifications, fitness monitoring, sleep tracking, and so on.
I never lusted after any kind of smartwatch but tried one out because it was cheap enough to experiment with. My verdict: get one, you will find a use for it. A bit like a second monitor for my PC - at first I thought it was a waste of money but now I would not give it up.
Most useful practical applications for smartwatch are (1.) Being able to look at notifications in meetings where pulling out your phone is frowned on but you can get away with looking at your watch (2.) Turn-by-turn navigation when walking through an unfamiliar city in the rain.