"Battery life is going to be a big issue for wearables, not just for the Apple Watch but for any of the smartwatches that are out there ... I think that's something that Apple is definitely trying to play down. They're not really talking a lot about battery life in terms of specifics other than to say it lasts about a day," Warren said.
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Another shortcoming could be the fact that the watch is water resistant, not waterproof. But it really depends on how individual users intend to use their watches, Warren said.
"If it's being positioned as a fitness device like a Fitbit or a FuelBand, being waterproof becomes a lot more important," Warren said.
"While the [wearable tech] space is in its infancy, many vendors such as Nike have failed there," said Waqas Makhdum, vice president of marketing at Kii, a mobile technology firm. Apple has several advantages over its competitors, however, which could make the tech company's Watch a success, including a large and loyal user base, Makhdum noted.
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And the Apple Watch does come with some interesting features that could be popular.
"I think the heartbeat and drawing watch-to-watch stuff could be huge. But the bigger piece is that I see the Apple Watch as an extension of the iPhone. So it's OK if that bigger phone is in your pocket or bag, you can deal with what you need on your wrist," Warren said.
And while this is just the company's first version of the Apple Watch, it could already be just what consumers have been wanting out of a wearable device: something that's easy to use, connected to the power of the Apple ecosystem and beautiful enough that it's something you want to wear, according to Steve Beck, managing partner at cg42, a tech consulting firm.
Apple hasn't disclosed how much its interchangeable watch bands for the Apple Watch will cost, but the straps will be available in leather, stainless steel and sweat-resistant options.
—By CNBC's Althea Chang