So - here's my opinion as someone who is really damned close to buying a Moto 360, and a not-so-old fart. The major selling points for me at least, are twofold:
1. Fashion statement. Even though I have a smartphone right in my pocket, I still have this Fossil hanging around my wrist often. It looks cool and fits my style, so I wear it. Same with the Moto360, or the iWatch (even though I think the latter is inferior). It also speaks to the geek inside me - isn't it cool to have a watch that can do all sorts of stuff?
2. Information at a glance. Not just the time. With the Moto 360, it uses Google Now and Android notifications - the two reasons I open my phone the most. Most of the screen time on my phone is doing those simple tasks of checking to see if I have mail, or a message, or ask something to Google, or play / pause / forward my music. If I can do most of the simple phone-related stuff on my wrist, it'll be less of a hassle. The time to get to the info I want is always less if you can just twist your wrist than if you have to get your (large) phone out of your pocket.
That being said, the iWatch is shit as a sportswatch, has that weird knob that I don't like and it seems like it's been given all the apps Apple could think of because Apple doesn't really know how to justify the $350 price otherwise.
No, it's not revolutionary and it doesn't solve big problems. There's no killer app you're missing. It seems to me more a result of Apple desperately trying to innovate and entice consumers in a market (the screens-in-your-face-market) that appears to be on a plateau. Or they're making it because everyone else is making one, and they don't want to miss the Next Big Sale Goldmine.
Also, anything to make people forget this horrendous ad: