The Apple Watch is not a real watch mainly because there's a lag between the time you glance at it and the time you see what's on it -- if you turn your wrist. If your wrist is already turned, or you can't turn it (for example, because you're typing) then you have to touch the face to turn it on.
It's not waterproof. I'm not sure it's readable in very bright sunlight.
It's very accurate, yes... contrary to the most expensive watches, which are the less accurate of all watches. Believe it or not, extreme accuracy is not a required feature of "real" watches.