I bought one directly from WIMM in November, 2011. At the time, they were $299, and California residents had sales tax and shipping tacked on as well. So first, know that at $199 and with Prime shipping (if you've got it), this is really a great deal!
While WIMM is cautious to say this is a "developer preview" product, at $199, I'd be happy to recommend it to people who like to have the latest cool gadget. Out of the box, it does some nifty things most will appreciate, like linking to your phone to display incoming text messages and caller ID. For me that's a great feature when I'm walking the dog a few miles and don't want to take my phone out of my pocket unless it's important.
In the WIMM forums, there is a growing vibrant community of developers and even some adventurous end-user types. As of today, we're all eagerly awaiting the beta launch of WIMMs micro-app store. But for now, there are quite a few apps to try in the forums, and the developers who are making them are generally pretty responsive.
The watchband isn't going to impress the fashion police, for now, but it's pretty workable. I'm actually hopeful that some manufacturer will start making the bracket and watchband in many colors at a $20 or $30 price point so I can match my sneakers. I have a small collection, mostly Nike SBs, and I like to coordinate!
But what attracted me to this watch was the ability to develop watchfaces and other micro-apps for it. It runs Android 2.1, and will soon be upgraded to 2.3. If you've written an Android app for a phone or tablet, you'll have no problem leveraging what you know and building apps for the WIMM platform. The toughest hurdles are keeping your micro-app simple and focussed, and picking projects that are suited to the form factor. You can check out my watchfaces at Alltock.com.