Smart watches are misnomer, really. They can't do much on their own because of the form factor. Typing? No way. In reality, smart watches are dumber than dumb terminals.
What I do want is a nice looking, not too big, watch with a full color LCD matrix screen, maybe touch enabled, where I am able to customize the interface and make my own "themes". This, and being able to sync the time via NTP, would be the only reason for it to have WiFi or BlueTooth (unless a micro SD card could be squeezed in, then it could sync via WWVB or equivalent).
For context, I've owned several Casio DataBank watches, all digital/analog hybrids. My favorite of them was the one where the LCD displayed a fill month calendar. The Wave Ceptor was a neat gimmick, but watches don't generally need that much precision on a daily basis.
The Pebble comes close, except for the lack of color screen. It's been a while since I looked at what's out there. So far it seems the manufacturers are using smart watches as an excuse to tether users to their walled gardens (I'm looking at you Samsung).