I would put very big money on smart watches not failing.

What we're seeing now is something we see often in newish technologies - we take an existing technology and attempt to shoehorn it into another.

A smartwatch should not be an analog to a phone. It also probably shouldn't be a watch. But as happens so often, we say "put phone plus watch = product?"

There's very little here that's exploiting the advantages of a wearable on the arm. When wearables start exploiting their physical advantages, they'll stop being cool tech toys and start being useful.