For those trying to make connections to other pieces of technology (home phones, cameras) that have been made obsolete or redundant by newer technology, there's one major flaw to your arguments. Swiss watch companies have long re-branded as a status symbol or timepiece that lasts multiple generations. They have shed the title of "technology". An iWatch that needs to be replaced every few years will not replace timepieces that are sold on the premise of being passed down generations.
The only brands I can see affected by this potentially are Citizen, lower end Seiko (sub $1000), Victorinox, Tissot (potentially), boutique diver brands that sell in the range of $300-$1000 like Helson, MKII, Christopher Ward, etc but even the boutique brands might not be affected as they're so cult-based I think they'll be okay.
Oh I think designer brands like Fossil, Michael Kors, Guess, Kenneth Cole, Diesel, G-Shock, etc are screwed if the iWatch is designed and looks good enough.