One feature new to WatchOS 7 is the Family Setup. It’s not limited to just the newest models, and lets a parent or caretaker add a cellular watch to their own phone so that someone without an iPhone can wear it. This has obvious advantages for children and older relatives.
Another neat feature is Family Cash. Again, not limited to the new models, but an easy way to control spending for children and perhaps aging parents.
The O2 feature is, I think, a yawner. Sleep tracking is primitive at best. I’m going to skip this year and keep my series 5.