Q: If I have the first generation iWatch will I be able to get the update to the new apps and watch faces?  I know I will not get the display or waterproof feature.

Hi

The upcoming operating system update, watchOS 3, will be available for all Apple Watch models, including first generation watches.

It is due for release on 13 September, following which it can installed by following the steps here:

• Update the software on your Apple Watch - Apple Support

More information:

http://www.apple.com/watchos/

Yes, the first gen Apple Watch will receive the WatchOS 3 update and all its features except for the exclusive faces and complications such as the exclusive Nike + Faces and complication.