
Pointless Watch
As a watch it's pointless, and ugly, and as a buzzer for the phone it's not really a compelling product.
But if you could display messages from the phone on the watch and you might have something. Make the thing display the title of the upcoming Calendar event, or show recently recieved SMS message so I don't have to dragged my phone out of the pocket when sat on a bus crammed into a seat next to that fat bloke who wont let your arms move properlyand it might have a use.
Even then, it's all a bit one way, the form factor wouldn't work for inputting text, so you couldn't reply to an SMS or Twitter message which means if you want any significant interactivity you still need to pull the phone from your pocket.
I suppose you might be able to get away with a few buttons to answer Yes No questions (like mark this SMS as read? Yes/No).