I've logged some additional runs, all with the iPhone in an armband. After resetting and recalibrating since updating to 1.0.1, I'm still seeing distances off by 5-10%. I did notice that my first calibration runs on flat, level surfaces at an even pace were pretty accurate. However, I do nearly all my runs on uneven, hilly surfaces, with much more variation in pace and arm movement, and these are all inaccurate on the Apple Watch (even though the iPhone GPS data captures these runs accurately). It makes sense that it would be difficult for motion calibration to really "understand" how arm movement translates to distance on these hilly, uneven runs.
Since I'm happy to run with my phone anyway, I wish there were a setting to let the GPS override the calibration data. I submitted this as a suggestion to Apple. In the meantime, I'll trust RunKeeper with my actual running stats, and take the workout app and activity rings with a big grain of salt!