The funny thing about this watch is that it has more in common with a Samsung watch then say the Moto 360. This has far more tech and engineering then the 360, more in tune with Gear but like Gear its just... meh.
I am going to wait till 2015 to see how things shake out but so far the Moto 360 seems to be the winner if nothing else then looks alone with is half the reason to wear a nice watch. And being $100 cheaper does not hurt.

I'm curious if this could be an aid for my type 1 diabetic daughter, there is a risk of coma and death during sleep and this watch could monitor her heart rate and alert a 2nd party if there is a problem.

Other than the twisty crown thing - and how is that any better than simply swiping? - I don't really see what more this has going for it than other smart watches. Heart rate monitor? Sounds familiar. Haptic feedback? Phones have been vibrating for years. Plus the squarish styling is not winning any awards with me. I don't think Apple has answered the question of why you really need a smart watch, any better than anyone else has. It's very gadgety, it's one more device to keep charged every night, and its $350 I would much rather put towards something I could really use, like a better phone or tablet.
Also I used to admire the fact that Apple generally announced a product when it was ready for sale. By making people wait for months and months, the Androids and Pebbles etc now have something to shoot for. Samsung will probably have three more smart watches iterated by that time.
The fact is, Apple's best days occurred when other electronics companies were kind of asleep at the wheel. The iPod, iPhone, and iPad were issued when nobody else really had their act together. I don't think you can say that of Google and Samsung and LG and Motorola and Lenovo (not an exhaustive list.) By waiting so long they now kind of look like also rans.

Left-hander discriminating winder/crown thingy - hugely annoying.
Very poor design: totally agree with the"also-ran" comment above - sad to see Apple are losing it somewhat, as their previous excellence spurred other companies into raising their game massively.
Hopefully the resounding "meh" I'm hearing from the internet will nudge them in turn to raise their own game.

I kind of like the watch design. The way they have the watch bands clip in is pretty cool and you can tell a lot of thought went into the watch bands themselves at a time when many companies have used the same basic watch band designs for as long as I can remember.
Whe wheel on the side also seems pretty smart because you don't have to try to pinch to zoom on a < 2 inch interface and you can still view the screen while you do.
I don't own anything Apple but I think they got a lot of things right with the watch.

Oops: left-hander wise, apparently it can flip the display for wearing on the other wrist, so I take that bit about right-hander bias back.

Are any of the watches water proof ?

Anybody read or know of if the watch is sweat/water-resistant, or better yet, waterproof?

Yeah, the watches may be "smart" now, but the people wearing them are dumber than ever! Just look at the high incidence of women who have breast cancers develop right where they kept their cell phones in their bras when they were younger! Or men with testicular cancer from keeping an active cell phone in their front pockets! And I don't know how many pictures I've seen now of men and women who had part of their ear and scalp cut off from cancers which were caused by wearing Bluetooth devices. I actually stood behind a guy at Wally World who was missing about one fourth of his left ear lobe and had some SEVERE scar tissue on his scalp right there and no hair. It looked like someone had attacked him with a blow torch. And he was wearing a Bluetooth unit on his right side! Didn't he even get a clue from the first time around?? Wait a minute here now, this just might be a good way to get the gene pool filtered out a bit, if you believe that IQ is in any way related to DNA, that is to say. So maybe I shouldn't be quite so hasty in denouncing all of this RF radiation being beamed directly into a body. Let the ones who know better arrange their life so that they don't have to depend so much on something that is going to ruin their life or shorten it! I can just see the cancer rates and other illnesses for people who wear these things going out the roof.
Randy

@ Randy - I hope other readers recognize your allegations re breast and testicular cancer as rumors - no matter what you may have heard from Dr Oz.