As a busy professional, saving even a few seconds by glancing on one’s smart watch rather than having to take out one’s smartphone residing in the pocket could be a useful thing, particularly if it is happening many times a day. I can imagine the usefulness of being able to answer or reject a call after glancing at the caller ID on my wristwatch especially if I am using both hands engaged in a procedure. The same goes for text and email messages, reminders (memos, appointments) and anything that you would like as a helpful assistant on your wrist while your phone stays in your pocket. The watch in effect becomes your Notification centre.
I am not sure whether having a Dick Tracy like functionality (actually speaking to the phone via the wristwatch) would be a good thing but using Bluetooth audio to control apps (e.g. start/stop timers, launch apps) which can even send results to be displayed on the watch may find niche uses in the medical field. We also constantly look up information and speaking into the watch to perform a search (e.g. for drug info, google search or even search apps installed on your smartphone) might be quicker than taking out the smartphone, launching the app and then only performing the search. The search result could be transmitted as a scrolling display on the watch. I can see Apple or Google making Search a basic functionality for a smart watch. In fact Siri would sit better on a watch than on phone.
2013 might be the year of the smart watch as we see the Pebble and Metawatch come out of Kickstarter into mainstream production. Others are hot on their heels. I won’t be surprised if Apple does announce their iWatch this fall.