As a watch enthusiast, I have a BASIS watch, the original, not the new PEAK. I bought it for the sleep monitoring/charting features but stopped wearing it after about a month. it really falls short as a watch.

The battery life was not very good, maybe 4 or 5 days. Charging is quite slow, and when would I charge it, when I want to have my sleep monitored, so that's no good.
The Bluetooth sync with my smartphone was unreliable, crashing all the time. If I don't plug it into my computer to sync, it runs out of memory after about a week.
I had to be careful about exposure to water because of the metal contacts on back to measure body temperature.

I don't think all of those deficiencies are as important for a smartwatch that is meant as a companion to a smart phone (iWatch will need to be charged daily according to Tim Cook). If there is one with speaker and microphone on-board, and I can make a call on it (tethered to a bigger device), I think I would be interested. But I would use a smartwatch + tablet combo, dropping smartphone altogether.