I think you are being a little closed/small minded about this. You are limiting the domain to historical uses of watches when these are capable of far more.
In my opinion a technology's true value (after the hype cycle has stabilised) is defined by its utility, cosmetic appeal and price. (there are probably others but they are less important)
You have artificially limited it to one of those (appeal) and I think this is unfair - especially considering most people no longer wear watches.
Having said that I personally stopped wearing a watch because I realised I had my phone on me 24/7 and it was no longer necessary. If my watch meant I no longer needed my phone on my person (say in my bag or car instead) this would be a big cosmetic bonus in my opinion. A watch on the wrist is far more appealing than having a bulge in your pocket. (that's what she said?)
It should be noted that utility and cosmetic appeal are in direct conflict in this product. The smaller and nice looking the watch, the less utility it is likely to have and vice versa.
Price is a big turn off at the moment. They are FAR too expensive for what they are. For elitists this may increase appeal but for most this will not. One assumes that like most things this will decrease sharply in time so this will improve over time.
My opinion is that utility will make or break these.
For example: if I can get to a point where all I need available is the watch and perhaps a bluetooth headset then they have a very solid product IMHO.
My phone (I assume the watch cannot replace these entirely) can be in my bag or car or tucked away. A glance at my watch (even when driving) tells me if I have msgs, who is calling, etc without having to take my phone out. Those annoying car mounts become unnecessary except for GPS.
And that is just core phone utility without going into the other more niche features or the addition future tech.
I am not saying they are a guaranteed success but I AM saying that they could be the reason people start wearing watches in the future again. :)