I think a watch would be extremely handy to have while running, cycling, kayaking, etc. Something to track activity, change songs, or show a map when you are unable to use your phone.
Unfortunately, the $350 price point is way too high for something like that.
It wasn't mentioned, but I fully assume the watch will be waterproof (at least water resistant). They incidentally come in contact with water too often (rain, hand washing, etc) to not be.
The Moto360 is water resistant and the Pebble is water proof, so if the Apple Watch isn't, it's seriously in trouble.
No doubt the reason they didn't say yet, is because it hasn't been finished yet. But yes, it will be at least water resistant, since if it's not, it would be useless. Apple wants to sell these things, so it won't make them useless.
Are you saying that the phone in the water tight bag is not much use a a watch? Because yeah that makes sense. Or are you saying that the watch on your wrist with a Bluetooth connection to the phone is not much use as a watch? I don't understand that point.
Unfortunately, the $350 price point is way too high for something like that.