The first setting is titled Look up & data detectors. There are three main settings to look at under the Point & Click tab: You can find it in the Applications folder, or by using Spotlight (press Command-Space to activate Spotlight) and searching for Preferences.
The feature is enabled by default, but you can set up and tweak its behavior with just a few clicks. That same functionality made its way to the new MacBook (and upgraded 2015 MacBook Pro) recently, adding a new dimension to the otherwise mundane behavior of tapping or pressing on a trackpad.
The Watch, in this instance, would detect the extra force and bring up another menu or activate a feature.
The new input method offers a way for you to press with slightly more pressure you use when tapping a touchscreen right now. Apple first introduced the idea of Force Touch last September at its Apple Watch event.