"Track your heart rate in all workouts and your pace and distance during indoor runs. These improved controls and metrics are easily accessible, so you'll never have to slow down during a workout," Peloton wrote in the App Store regarding the Watch app.
Peloton suggests the app will help users even when they're not using its bike or treadmill for workouts. You can glance at your Watch to see your heartrate and class timelines, and pause and adjust the volume from your wrist. You should also see a more accurate calorie count in the Peloton app once you've wrapped up a workout.
In May, Peloton added GPS tracking and outdoor metrics to the iPhone app, which also offers audio-guided runs backed by music. Having those features on the Apple Watch app would be useful for Peloton users who try to get in workouts outside, especially if they'd rather not carry their iPhone while pounding the pavement.
This is just a starting point for the Apple Watch app, and it'll probably offer more options down the line. Still, given the timing of this app and the new Fire TV app, Peloton might be trying to divert attention away from its much-pilloried holiday ad.
Update 12/4/2019 3:40 PM ET: Added more details from Peloton.