iWatches are not practical at all, are too big, have a feel of cheap/plastic/a toy watch, and are too wayyy overpriced. The technology is still very early, as much as only by the time Apple got to iPhone 5S, it was worth to use it.
Despite having many of the Apple things at home, the iWatch wont be in my list for several years to come. Add to that the fact I have not used a watch for years now, and the iWatch is even less appealing.
As for social status, I do prefer an expensive analog watch to go with a suit for a wedding for instance, than the iWatch...which is ridiculous for a straight male wearing a suit.
Apple also seems quite lost in their orientation, and it is sad to see that the dead of Jobs put someone there that seems more worried about a political affirmation and giving face to minorities than being maniacal with the glitches of events and improving the quality of the current Apple portfolio.