I don't know....Carniphage makes some good points. Some of the situations mentioned are...well...weird.
-I am not sure how many people swim while waiting for important phone calls, but i am sure they do.
-Jogging/Working Out: I really don't want another device/accessory while I am working out...Carrying a phone is enough, even with the arm strap to hold it onto your arm is annoying. Also...wearing a watch while working out isn't necessarily the best idea...I have hit my wrist against some stuff that would surely have cracked the face of a watch.
-In MY opinion, checking your watch is EXTREMELY rude in a meeting (depending on the meeting). It says "when is this going to be over" to the person(s) speaking. Checking your phone at least gives the thought that you are checking an important email or checking your calendar etc.
Yes, it can help with small inconveniences (if pulling your phone out of your pocket is really an inconvenience...) such as checking texts, calls, etc...but I don't know many watch wearers that will replace their Rolex or Seiko with a smart watch. IF Rolex or Seiko make one, I will probably buy it. Or if Apple comes out with one that will display social status like a Rolex or Seiko, I will probably buy it (even if it is hundreds more).
How good of an experience do you think users can get from being able to view emails on a watch (this was mentioned i think in a diff thread)? I know some of my emails contain paragraphs, graphs/charts, MS Office files, etc. Shoot...even some of my texts are long. Scrolling through a watch screen to see segments of my messages sound more of a hassle than pulling out my phone from my zipped, locked, thumbprinted pant pockets and just checking it on a larger screen.