This the Apple Watch Nike+ Edition.
It has two exclusive Nike watch faces. This one gives you quick access to the activity app and Nike Rub Club app, which comes preloaded.
Here's the second exclusive watch face. Pressing the Nike logo will open the Run Club app.
Other than a breathable band, the watch faces and the preloaded Nike+ Run Club app, this is the same as the Apple Watch Series 2.
You can view your route and other metrics when you finish your run.
The GPS lets you track pace and distance of runs. No iPhone required.
It's the same size and weight as the Series 2.
And has the same battery life (about two days or 5 hours with an active GPS signal).
On the back is the optical heart-rate sensor.
Here's a view of the Run Club app.
It will countdown to start a run.
You can also set run reminders.
I scheduled a run for lunchtime.
Here's a post-run map of my route. The Run Club app on your iPhone will have a more detailed version.
And here's some post-run stats.