I've had my Samsung Gear Live smartwatch running Android Wear for about a week now. To be honest, I absolutely love it; however, you have to understand what it is and not what you might want it to be.
It is not a second phone. Don't think of it as such. You don't make or take phone calls from it. You aren't going to be surfing the internet on it. You aren't going to get as much out of it unless it is connected to your phone.
What it is is an extension of your phone and a second, more convenient screen. With the exception of a few apps, what the phone does is provide information that would be available on your phone if you wanted to take it out of your pocket. That might sound like the ultimate in laziness; what, am I too lazy to get my phone out? However, it's not like that at all.
If you're running, you can see your pace, time, and distance by glancing at your phone.
If you're cooking, you can follow your recipe without having to constantly unlock your phone.
You can control your music from your wrist.
And new apps are coming out regularly, which I'll talk about in the future.
I think this is still really best only for early adopters. However, I think that we are going to see wearable devices increase in popularity and usefulness in the not too distant future.