There are two thoughts that we took away from the video. First, the LG G Watch is very obviously aiming to be an inexpensive option, likely to give developers easy access to the hardware. The device itself has a very plain square design, and it is almost all plastic, except for a gold band around the sides and the pogo charger pins on the back. This is not a premium device, and it doesn't look like it is trying to be. The other take away is that Android Wear itself seems to still be a bit away from the vision that Google showed in the introduction videos. The software is still in beta, and the watch in the video may not have been connected to a companion device, which would limit functionality, so there wasn't much to see.
You can see options listed for airplane mode, alarms, calendar events, messages, timer, and even an option labeled "remote shutter", which we would assume is a way to control the camera on your phone using the watch. We should be seeing everything running at full steam at Google I/O at the end of June.
*Update* The original posting of the video was pulled, but luckily nothing is ever really gone on the Internet, so here's a mirror.
source: The Verge