Setting aside the extreme anti-Apple hate in this thread...
I think whether or not the Apple Watch is worth it really depends on the individual. I consider myself platform neutral for the most part - however, although I like Android and iOS equally, I tend to own mostly Apple/iOS devices, simply because the Apple ecosystem blends together so well.
Next, do you regularly wear a watch? If not, then you should really reconsider your need for a smartwatch. In my case, I do regularly wear a watch, so upgrading to a smartwatch is a natural transition for me.
That being said, yes, I preordered the Apple Watch, and I think it's worth it for me, given that it's the most feature-rich smartwatch I can use without switching to an Android phone.
In regards to the cost factor, the up-front cost may be higher, however from my experience it seems that Apple products always retain their value much better over time than non-Apple products, and they tend not to depreciate as much. This applies even more so if you have a first-generation product like the Apple Watch; if you were to buy a $300 AW now and keep it sealed, then sell it 5-10 years down the line as a rare collector's item, you could probably get upwards of $2,000 for it.