Will anyone be trading in their Lange Double-Split for an Apple Watch? Certainly not. But, will the average Lange owner buy an Apple Watch, wear it on the weekends, and then, after a great workout with it, decide to leave it on next for a vacation to the beach, and then maybe on casual Friday to the office? It's possible. Apple products have a way of making someone not want to live without them, and while I wasn't able to fully immerse myself in the OS yesterday, what I saw was impressive. So while certainly not direct competition for haute horology watchmaking right now, the Apple Watch is absolutely competition for the real estate of the wrist, and years down the road, it could spell trouble for traditional watches even at a high level. When you realize you just don't need something anymore, there is little desire to buy another.
This is basically how I'm thinking about the Apple Watch. It's another watch to add to my (small) collection of mostly inexpensive but nice looking watches. I may find that I love the features it brings with it, and I may wind up wearing it a lot.
I still think the 3D emoji are butt-ugly, though.