So far, from what I've read, the consesus seems to be that it is really cool, but not different enough from the other smart watches out there — except for its price and maybe fashion-oriented design.
I've also read the phrase "it's not for everyone" everywhere.
3 models being available, that phrase pretty much says to me "hey, it may be made of gold, but its still a smart watch," which kind of invalidates the point of having 3 models available on the first place.
Nilay Patel, at The Verge, says that if you're going to buy an Apple Watch, go for the SPORT model: cheaper, and has the same functionality as the other models.
Certainly this is going to make big waves in the tech industry. I know this device hasn't shipped yet, but I'm really excited to see what Apple is going to do with this on its second and third revision.