Well, I just don't think that most of the people who wear watches as jewelry (like myself) care for a watch to do any more than it already does. I appreciate the beauty of a watch and the (old school) engineering behind it. I don't want something like this. Just a different market.
To give you some perspective, I'm a bit of a watch freak, certainly not the norm. Hell, I visit and participate in more than one watch forum on a daily basis. Mine is the general sentiment being expressed in those forums.
It's not a watch doing more than it already does; it's other devices converging onto your wrist.
You used to have to carry a camera around if you wanted to take pictures. Now that's part of the hunk of silicon in your pocket. Similarly, you used to have to carry a bunch of plastic cards in a wallet. Now that's part of the hunk of silicon on your wrist.
The hunk of silicon on your wrist isn't a "watch that does more" any more than a device that's both a camera, a PDA, a GPS, etc. is a "phone that does more." It's a convergence of several orthogonal devices that isn't a phone, or a watch, at all.
Thinking of the Apple Watch as primarily a watch obscures the value proposition. It has the form factor of a watch, but it may as well not tell time at all, for all people will care about that feature of it. In fact, maybe it's better to pretend it doesn't tell time, to help you cut through to the real reasons people would want one on their wrist.
The problem is that it competes with something that I love. I have to chose one or the other and, as a watch collector/enthusiast/lover/obsessor (I seriously love watches) it will never win. Ever.
Actually, that's exactly what the watch enthusiast crowd seems to be asking for. They will never replace their Omegas with this, but they would be open to wearing a band on the other wrist a la fitbit.
To give you some perspective, I'm a bit of a watch freak, certainly not the norm. Hell, I visit and participate in more than one watch forum on a daily basis. Mine is the general sentiment being expressed in those forums.