Apple would also tackle concerns that you're left high and dry if you lose the Watch. It's believed to be working on a "Find my Watch" feature that, like Find My iPhone, would help you track, lock and wipe the wristwear. Since the device can't easily connect to the internet on its own, it'd use its wireless signals to determine its location relative to the iPhone and ping you if it thinks you've forgotten your timepiece. This feature might depend on newer wireless hardware to work properly, though, so there's no guarantee that you'll see it this year.
The rest of Cupertino's rumored plans are definitely dependent on new hardware. The company supposedly plans to add health features (such as blood pressure monitoring and sleep tracking) over the next "several years," some of which likely didn't make the cut the first time around. Also, the Watch would be marketed as a "primary input device" for the next-generation Apple TV. You wouldn't need it (there would still be that more advanced remote), but it'd play an important role. And unlike many of the features mentioned in the leak, you may not have to wait long to see what the Watch can do with Apple's new set-top box -- Tim Cook and crew are still expected to unveil the new Apple TV at WWDC in June.