Smart watches do everything a smart phone can do, on a tiny screen strapped to your wrist where it can bang up against all the walls and furniture. It is NOT water resistant any more than your phone, and wears out the battery just as fast - even faster.
It's a nice novelty, we've been down this road before in the '80s when Casio had watches that literally did a lot of the same thing - individually. Compute, play music, infra red TV remote, etc. Remember them? No?
So goes the market.
What a smart watch will NOT do:
Have battery life measured in years before replacement - up to ten.
Still be functioning as an heirloom and sell like a 1960's Rolex.
Go skindiving.
Display the time at any glance and angle like analog. Constant on displays eat power and get turned off.
Another thing they won't do is either be 1) inexpensive, like a Casio or Timex, take a licking and still keep ticking, or 2) be appropriate wear when you attend a reception in the Hamptons and you need to have that one thing that says where you are in life talking to the VP who wants to include you in upper management. Nope, you'll be wearing one of those fad squares with a blank screen, not a nice dressy expensive watch with a French name and reptile strap.
People can't tell some cheap Chinese import from a Samsung. It's just another blank screen until you push a button. However, a G Shock, Dive watch, or Tag they can see. It says something about what you want them to know.
Smart watches aren't going away, I'm not interested. I get exact same performance from a cell phone and I get to wear a watch, too. The cell stays in the pocket protected and the watch gets exposed to be seen and used.
BTW, what ever happened to the transistor shirt pocket radio? See any for sale now? We moved on. Smart watch? We'll move on when we've decided the marketers have churned enough disposable cash from us and found the bottom of the market.
Electronics are ripe with marketing exercises and we'll not see the end of it until we can't do anything without being swiped. Not my future.