I've owned a MotoACTV for several years. Awesome device. It was very much ahead of its time in terms of functionality. The on-board GPS is great, as is the ability to store music and play it back during workouts. It's really nice to have all of your workout data automatically uploaded via WiFi once you're back in range, and the software is nothing short of fantastic. I've never used it regularly as a smartwatch. It's always been more of a fitness device for me that I only wore when working out.
I'm looking to make the move to an Android Wear device this year. I'm eyeing the Sony Smartwatch 3 at this point since it comes the closest to duplicating my favorite features of the MotoACTV. On-board GPS and built-in WiFi (even if it's not used yet due to lack of support in Android Wear) are a must, and I can see NFC on a watch being great to have (once Android Wear supports it). I also like the transreflective display that the Smartwatch 3 has (something else the MotoACTV has), which makes the screen great for outdoor readability without having to jack up the brightness of the screen.
The feature I'm looking forward to having most on an Android Wear device is notifications at a glance. The MotoACTV supports some notifications, but not many. I'm often in meetings and situations for work where pulling out a phone isn't a good thing to do, but looking at your watch is fine. Being able to quickly check notifications will be a really nice feature.