V2 will be usable without iphone I believe. But I think you'll still need to own an iphone. You just won't necessarily have to have it with you (eg when you go for a run or something). In spite of being an Apple fan for the past 20 years, I can't justify the watch purchase. Perhaps in a few years if the price drops.
Might be worth reading some of the comments in Macrumors
http://forums.macrumors.com/threads/...wanes.1898622/