The 5th version of Apple Watch now offers a watch face that’s always on rather than requiring a lift of your arm. Apparently, that has really bothered many owners of earlier models. The battery and other software have been sufficiently modified that the period between charges has not lengthened.
The other feature that is exciting commentators is that you can now mix and match your watch faces and watch bands. Ceramic and titanium watch faces that are beyond most people’s budgets are cute but add no functional improvements. Changes of note are arriving with the new WatchOS, but not as part of new hardware.
In other words, at least from my viewpoint, a big nothing burger. I’m considering trading in my old Apple Watch 3 for a second Apple Watch 4 simply because the screen has partially burned in, but can’t get excited about the Apple Watch 5.
If you want to read more about the cosmetic changes, here are few useful links: