thing is you need a phone to go with the smart watch. i cant see much more function being possible in a 1" square, and if you start increasing the size it becomes less useful verses just using that phone you have in you pocket. imagine watching a video, reading interwebs or playing a game on a...
now its pointed out, i havent seen or heard anyone on my floor with one. being IT/technology related, thats a bit of a surprise (about half the floor change their phone yearly just to get the latest thing and see many fitbit type devices around)