No it wasn't. It was an iPod people chose to wear as a watch because of the lock screen faces.
This is not the same thing with just a loop around it. It's a whole new reboot of the idea with a better screen, better touchscreen, better controls, dictation, sensors, etc.
It's not made to be affordable, it's going head to head with not only other smart watches, but after the crowd that generally buy ~$500 watches.