I bought a Series 1 Apple Watch when Apple iterated the device a few months ago, and I have to say I agree with pretty much every point you made. Basically it works very well for me, but I don't think it's for everyone.
I got this watch as a follow-up to a Garmin Vivosmart fitness band I owned for about 16 months. The features of the Garmin I liked most were mostly related to getting notifications of various sorts on my wrist; and a smartwatch does a better job of that, since it has a significantly better display and also allows you to respond to stuff like texts, emails and even phone calls.
With the latest software (WatchOS 3.1), I normally get 2 days out of this thing. The battery life is really the one thing I wish could be drastically improved. Like you said, having an alarm on your wrist works really well (something else I'd discovered with that Garmin) - but, for that to be truly useful, a battery life of 4-5 days would be better. As it is, I have to choose between either using it as an alarm only every other day or else figuring out a good time to charge it during daytime hours.
But, even for me, in the end it's just a convenience - I don't have to keep pulling my phone out of my pocket. Whoop-de-freaking-doo, right?