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It has both of those things, yes.
Even on my first gen hardware, watchOS 3 is really good. A massive improvement over what came before. Battery life is acceptable - admittedly it's charge nightly, but that doesn't bother me, just vocal idiots in internet comment sections. The battery life takes a bit a hit recording 5hr+ workouts but pop it on to charge for 30 mins or so when you get in from a ride and it'll last the rest of the day. For general use (1hr commute in, 1hr commute out, normal working day) the battery normal has about 20% left when I get to bed.
I imagine the new Series 1 would show improvements on both of those counts over my hardware, and mine is more than adequate as-is.
If you do get one, it's good to think about what notifications you want where as it's easy to be overloaded. I only have texts, calls and dark sky imminent rain notifications tapping me on the wrist. Emails appear at half hour intervals (so I can see if I miss anything as it comes in) but don't tap. Everything else lives on the phone (but I have a pretty minimal approach to notifications there too).
It has become totally ingrained in my life as a contactless payment device. I might look like a future-dork, but I enjoy the convenience. ymmv, obvs.
what about the OS? battery life etc?