I'm not a fan of what I've seen of Apple Watch, or wearables in general, but the UI innovations that Apple has made for a tiny screen feel clear to me. The manner of navigating apps with the crown (and using a crown to navigate, period), is the one that jumps out the most. The casual sketching and heartbeat communication modes are a bit contrived, but novel. Their approach to haptic alerts sounds distinctive and thought-through.
To be clear, I am not a believer in this product, and I really like Apple stuff. But if you're not seeing ideas and improvements, I think a closer look is warranted.