I really like my moto 360 2.0. Is it a must have, and do I recommend it outright to everyone... no not at ~$300. At least not without strongly considering the zenwatch2 and smartwatch3, you could get BOTH of those for the price of one 360 and have a more versatile setup overall. In hindsight I kind of wish I did that... one for sport use and the other for dressy occasions.
IMHO the biggest knock against is Android/Motorolas recent announcement if no longer supporting the first gen moto 360. Its not THAT old!! There's absolutely no reason to discontinue support other than forcing the consumer into obsolescence... an aspect of modern consumer electronics that disgusts me to no end. If that's how AW and Moto continue to approach this market NO WAY can I possibly recommend it at the $300 mark. Time will tell for version 2.0, but for now I am not recommending it outright. For $300 you can get a really nice unlocked phone!!
With that aspect out of the way, Its an extension of my notifications, and a voice recognition txt-ing tool, and with wifi it allows me to be away from my phone and not miss any notifications. The heart rate monitor and step counter are nice. I use the l.ist app as a check-listing tool, so thats nice too. I do not need to take my phone out of my pocket when I am out and about (except to answer voice calls)... which is really nice!!
I have gotten so many compliments about the 360 2.0 from a style perspective. It really does look like a 200-$300 watch.
The aspect of the moto 360 that puts a smile on my face is all the open source watch dials and faces. As a watch collector, I have downloaded dozens and dozens of watch faces that I could never even begin to afford in the "real" world. Everything from Omega, Rolex, Richard Mille to Suunto to Timex.
Frivolous and fun for $300, and a limited time (thats how I'd sum it all up).