As you can imagine, the experience isn’t as fully featured as it is on Android. You don’t have access to all of your favorite 3rd party Android Wear apps from Google Play, because well, this is iOS and the Apple Appstore, not Google Play. It’s probably unlikely that Apple is going to let Android Wear apps show up or be available for install to an Android Wear watch any time soon either, so yeah, that’s just a part of the deal that Google likely understood going in.
What you do have is a basic notification experience with Google app cards, Google Now info, and some voice activity. You also have some access to watch faces, though they are limited at this time. Some apps give you the opportunity to quickly respond or complete actions (Gmail is one), while others are really just showing notifications.
Is this a full smartwatch experience? No. It may never be. But it does the basic stuff, which for some, is all a smartwatch needs. Maybe more importantly, this gives Apple users choice – choice for a watch that isn’t the overpriced, confusing, calculator-styled Apple Watch.