But it was ambitious because it crated a browsing and touch screen experience never seen before. Gen 1 apple watch really isn't doing anything we haven't seen before. Literally every feature in the thing has been done. That was not at all the case with gen 1 iphone. Far from it.
Far from it? Huh? Is 2007 that far off in history now that you misremember the phone scene back then? The bulk of the original iPhone features all had been done before and were available in other brand's phones. The impact the iPhone made was due to its more user friendly OS compared with competitors - Palm, Windows Mobile, (Nokia) Symbian. (Also BB, but BB was really more of a messaging system than smartphone.) But plenty of 2007 phones had color screens with keyboards, web connectivity and HTML browsers with apps. They even had 3G connectivity to the iPhones 2.5G.
It's likely the Apple Watch will mimic the iPhone - not do anything we haven't seen before but just do it in nicer looking, user friendly package. That's what Apple does best.