Some interesting tidbits in here. While discouraging, I'm reminded how the original iPhone also started slow and then gained many features and improvements over time. Still, I'm definitely leaning towards the Moto 360!
It's interesting the watch relies so heavily on the phone itself to process information, which leave them to have more room for things like the taptic feedback and hopefully a bigger battery.
It makes sense that as much processing as possible is offloaded to the phone, any extra battery saved is key here. Also the processor in the iPhone is likely an order of magnitude more powerful.