Features like a built-in compass and an always-on display are definitely welcome additions that make using the Apple Watch more convenient. And the fact that the cellular version can now be used to contact emergency services internationally just boosts its usefulness when it comes to safety.
But upgrades like this suggest that the smartwatch market is maturing in a similar way as the smartphone industry — that's to say that wearables are now so advanced that there are only minor ways to improve them. The major leaps — like standalone cellular connectivity in a sleek form factor — may be behind us.
Now, we're just waiting for Apple to make two other important improvements: native sleep tracking and battery life that lasts for multiple days.