While the Bluetooth Smart LE official range is ~100m, for practical purposes it's around 30 ft, dependent upon the devices paired. Originally the standard was, I believe, designed for connecting devices over just a few feet (keyboards, mice, headsets, etc.).
Remember, if you have WiFi in your home, and your iPhone is connected to it, your watch should use the iPhone's WiFi hotspot to connect. This should mean that you could put your iPhone in its dock when you get home, then rely on the watch around the house, when you didn't need the larger screen and keyboard capability. I'd really like to hear from some new Apple Watch users who could test out how this actually works.
I know the Apple Watch has both Bluetooth and WiFi capability. My assumption has been that the watch will rely on Bluetooth except when the iPhone connects to a WiFi network, then switch to WiFi. Since there's nothing I've read yet in the user guide about configuring the Apple Watch for WiFi, it must be automatic through the Bluetooth paired iPhone, and that suggests to me it's using the iPhone's WiFi hotspot. If that's the case, a simple check of the iPhone's WiFi hotspot connections in the Settings Menu on the iPhone should confirm that.