Not a chance. High end watches are an investment; many such as Rolex hold their value or in some instances limited editions can appreciate. An electronic device that will most likely have yearly updates won't hold its value. Well crafted time pieces such as Jaeger-LeCoultre, Rolex, Breitling, Patek Phillipe, etc are investment jewelry timepieces from Switzerland that sell based on reputation, status, quality, fashion, etc. Unless Rolex or another high end watch maker joined Apple to produce a $8k+ model line, not many I know would replace their time piece with another gadget - basically it's apple and oranges. Sure it'll sell well, it's an Apple product, but I suppose in my circle and age range I can't see myself wearing a rebranded Casio.
If this "watch" is more akin to a band a la "UP24", Nike and FitBit, I could see people wearing it on their other wrist. If it's a full on watch, it has to blow people away with a lot of useful features and not just another ho-hum gadget. It won't replace my '13 Rolex GMT Master II Black and Blue bezel, nor my "Coke" Red and Black edition from the mid-90's, nor any of my time pieces.