I ran another test. This one more controlled, along with my wife who has an Apple Watch with the 1.0.0 software on it.
We did a 50 minute walk - the first 25 minutes were without using the Workout App, the second 25 minutes were using "Outdoor Walk" in Workout app.
Wife (Apple Watch 1.0.0)
25 minute walk without Workout app - Total Calories: 108, Exercise minutes: 24
25 minute walk with Workout app enabled - Total Calories: 100, Exercise minutes: 24
Me (Apple Watch 1.0.1)
25 minute walk without Workout app - Total Calories: 147, Exercise minutes: 26
(Note - I glanced at my heart rate after this 25 minute section and saw it hadn't read my heart rate in over 7 hours. So heart rate had nothing to do with this.)
25 minute walk with Workout app enabled - Total Calories: 181, Exercise minutes: 24
This test actually came out OK post update (only 19% different). Yes, my wife's was more consistent (8%), but mine was better than my previous tests which were way off between workout/no workout app. It makes me think Apple has really tuned this watch to monitor calories burned and activity while walking/running. Because both elliptical and golf workouts are tremendously different with and without the Workout app. But when walking, I was actually pretty impressed with how it performed.
I still think it would have to be better for activities like gardening, golfing, hiking, etc. where it is not so dependent on steps if it was monitoring our heart rate and using that as a trigger to put it into higher calorie burn state.