For the fitness aspect there are waist belts that could be used to make the phone more of a wearable device. Once the initial investment is made, the smart watch will be a much better way to control music and watch your heart rate while running. A quick glance and keep going. The GPS in your phone does the heavy work, saving the battery on your watch. Have all the tracking you need done by the watch and stored on the phone so it adds to the overall fitness tracking.
Also the GPS would add size to the watch and people are already complaining about the size. If I had to choose between GPS and NFC I want the NFC on my arm.
I am more interested in the all day fitness tracking the apple watch will bring. The apple watch also has several features that I will use in my work and personal life. More in my work life. Is there some things I would like to see that are not on the watch now, yes. Developers will play a huge role in the success of the apple watch, like they have with every other Apple device.
It is a fashion accessory with a whole lot more. Battery life is a concern, but I plug my phone in at night I can do it with a watch. I would like to have better tracking of my sleep and I see this feature coming when developers get going. We do not know what the actual battery life will be or the charge time. Might charge in no time based on it being a smaller battery.