Same here. I have a Lumia 925 with build 10856, just got the Band 1 today. I guess I'm out of luck because I don't get any of the smartwatch functions:
- if I use Cortana and phone is on, it opens the search query correctly on the phone, but band says "Sorry, couldn't reach your phone". If the phone is off, nothing happens on it and Band says "Sorry, couldn't reach your phone"
- Calendar events only remain on the Band for a while after syncing, then disappear and a message along the lines of "Nothing coming up, check back later" shows
- messaging, mail, phone, Cortana tile only show "No new texts/No new calls/Nothing new, check back in a few" and neither do I get notifications
I'm pretty disappointed, hopefully it will get resolved soon.