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Ignoring the fact that the Apple Watch is not any kind of a "homo status symbol" as you so snarkilly imply, here are your answers:

Quickly answer the iPhone without having to dig the iPhone out of your pocket, purse, or briefcase before the call goes to visible voice mail.
Quickly Initiate a telephone call by voice by telling Siri to call by name or phone number without having to dig the iPhone out of your pocket, purse, or briefcase.
Quickly see a text, MMS, or alert at a glance to see if you need to take any action to handle the information without digging your iPhone out of your pocket, purse, or briefcase.
Respond to a received quick glance text or MMS with a quick select choice from a set of prepared options directly from the Apple Watch.
Respond to a received quick glance text or MMS with a more complex dictated reply using Siri.
Send a text to any individual in your address book or phone number by dictating it to Siri.
Using Siri, ask for directions to any destination and have Siri provide turn-by-turn directions either by driving, bicycling, or walking.
Ask Siri for directions to the nearest gas station or restaurant.
Ask Siri any question, without using your iPhone directly, some can be answered by Siri by voice, some on the screen of the Watch, some you may have to get out the iPhone to read fully. Your choice.
Set and check appointments from your calendars using Siri.
Make appointments and reservations using Siri.
Monitor your walking, running, bicycling, resting, with or without the presence of your iPhone.
Monitor your heart rate while exercising, with or without the presence of your iPhone.
For patients under medical care, send heart rate and pattern to your cardiologisit or clinic instantly or on a schedule.
Use ApplePay without digging out your iPhone from your pocket, purse, or briefcase at several hundred thousand retail stores and restaurants.
Instantly open digitally locked doors without taking any action at all.
Plays a limited selection of your iTunes music while you are jogging, or walking, bicycling without carrying your iPhone with you.
Remote control for your Apple TV.
Then there are those added by Ctdonath2:

More Watch apps:
“Geofence” tickets, like having your ticket code appear on the Watch as you approach the airline loading gate (or other e-ticket-requiring location), able to scan or proximity your boarding pass while your hands are full of luggage.
Games. C’mon, you know this will be big once something as addictive as Angry Birds is invented for the new platform.
There are medical applications coming that will blow your mind.
- Adaptive watch faces and context-dependent apps: depending on where you are, how fast you’re moving, and what your calendar notes, different expressions of time are more useful; nice to have those appear as appropriate. Nighttime, at home, not moving? you don’t need seconds or exact minutes, but good time to track your movement (I’ve nearly a year logged on my sleep app). Driving to work in the morning? show countdown & ETA. Lunch? time left. Party? crazy watch face. At fine dining? elegant style. To complicated? pick a random time display style. All without having to decide & set the face motif. Maybe you get the idea.
Accurate & automatic time zones & DST. Traveling? kinda sucks when you don’t know quite where the time zone line is. DST? less I have to deal with it the better. Both cases, your time setting is accurate within milliseconds and feet.

And that's without going into the thousands of apps that will be available to Apple Watch users on April 24th, when the Apple Watch is being delivered to the first buyers.

You made my head hurt with all that stuff, nor understand who Siri is (Tom Cruise's daughter?). Thank God I do not need to do much, if any of that.

Being a retired curmudgeon has its advantages.

I suppose it could be handy for those situations when you're in the hospital with both arms in traction, and you can't hold the cell phone.

Other then that, I don't see it as being particularly useful.