I've always been skeptical of smart watches. As others say, if it can't outright replace my phone, i just don't see much value in them. I wear "nice" watches occasionally, usually any time i have to wear a suit. As a toy, an epaper watch with actual physical hands would be pretty cool. The two extra hands on something like a diving watch could be used for other gauges, maybe unread email count or something goofy like…
One of the original smart watches was Swatch's The Beep - a watch / pager mashup.
http://www.independent.co.uk/life-style/wear-your-heart-on-y...