... which was about as expensive twenty years ago, when I bought it, as an Apple Watch is now.
Every four years, it needs its battery changed. And that's all.
'Smart' watches are a bit like DAB radio, or, in their day, WAP phones. They're not horrendously expensive, but the user experience is just so much worse than the technology it replaces that no-one's going to buy it. I don't want to take my watch off and recharge it every night. And there is no 'killer app' that I've seen so far that is better on a wrist display than on your phone.
The Pebble, with its low energy monochrome display, is probably a better device than the Apple, but all this generation of 'smart' watches are bulky, ugly, made of non-premium materials, and will have short life; and they're competing on price against beautifully made precision mechanical watches which do the primary job (time keeping) equally well but are built to last a lifetime and require very infrequent attention.
There may be better fourth or fifth generation smart watches in about five years time which compete on quality and charge duration; there may, one day, be a killer app. But at present I see no compelling reason to buy.