I waited until Apple Series 2 and bought my first one. I love it. I use it for 2 things all the time that take away just a enough annoyance that it makes me smile every time I use it.
It's not a must have item by any stretch, but like keyless entry on your car, if you make enough money to spoil yourself occasionally, it has its place. My 2 things: 1) Text messages...reply by voice is excellent and accurate for me; 2) Calendar...it's on my home screen and shows my next appointment...love it. Beyond that, I the Activity (fitness) app, Phone call feature (daily), and driving directions (weekly).
Right now, the smartwatch is the least intrusive device for extending human capability that you can get. Google glass was probably ahead of its time and may one day become the de facto interface between humans and assistive tech. Phones are great, but not hands free. To go hands free, I can only think of 5 options:
1) glasses,
2) something you wear (watch, Star Trek communicator, etc)
3) some kind of ear piece
4) some kind of AMZN Echo device that can fly around behind me all day, or
5) A chip in your head
Right now, the watch is winning, but is clearly not the end-all be-all. While VR is all the rage right now, and will have some killer applications, it's not something you can wear around all day. Like Tim Cook, I believe AR will be a bigger benefit to more people. It's the next evolution of the smartphone. It's going to be harder than VR to perfect, but when it is perfected, it will be that thing you turn around and go back home to get if you forgot it.