Ariel Adams has an extensive article on A Blog to Watch that's a good read. He makes some key points, including these:
I feel that people need to understand that the Apple Watch is not only a new type of product for Apple, but the first real "cross-over watch" that wades in both the waters of technology and horology.
In the world of mechanical Swiss watches, very little worth wearing for the serious enthusiast can be purchased for under $1,000. Some people might even suggest $5,000 or even $8,000 (or more) as the sweet spot for a good entry-level Swiss watch. With a starting price of $350, the Apple Watch Sport pretty much blows away everything else in the watch world at this price level – a sentiment that has been already mentioned by my colleagues.