For a size comparison I'd go look at the LG G3 or the Note 3. It might not seem so big in real life. I had the same thoughts as you but that 5.5" screen is just gorgeous.
Tim Cook speaking to audience like they are a bunch of 5th graders. His giddiness and intentionally slow speech is annoying as hell.
Same size as the Note I'm using to post right now. Impossible to use with one hand but the screen size is comfortably large for videos and a lot of other stuff. I'll wait for the 6s. 4.7" is pretty nice size
The health sensor stuff is interesting. I'm still sticking with Windows Phone, but honestly iOS 8 and some other nifty features have me second guessing myself.
The instant reply to texts (as used by the jailbreaking community for 3+ years now), the improved fitness tracking, the landscape launch screen, stuff like that puts a new spin on an old system to make it interesting. I couldn't live with the camera though, I've been spoiled on Nokia.
My issue with all these watches that are coming out is that I don't see them getting the market share they want. There are a large amount of people that enjoy fashion or luxury watches that will probably not get one of these wearables. On the flip side there might be more that actually don't care. I know they are coming out with Gold versions of these, but still that's why I think they fail sometimes.