I see a ton of potential for the smart watch form factor, more so if it has finger print reading, and is waterproof. I don't see it as a stand alone device for most functions, but it could be for some. It would make a great remote for nearly everything. Remote car starting, remote camera trigger, Phillips hue, craftsman garage door openers, iTunes/airplay remote, FaceTime like Dick Tracey, track the location/proximity of offspring and alert if they wander too far, Geo reminders/alerts, telling time, fingerprint door locks, glowing thingy to spin in circles with at raves (and record how fast you spin and how long you last before you fall down), wrist siri, bicycle beacon, bling, underwater camera, shower music, keynote remote, alarm that knows if you actually got up, wrist GPS (more handy for walking and biking/motorcycling), phone locator, pedonikefitnesshealth stuff.
In watch form a lot of the functions that work well on smart phones would work just as nicely, or nicer.