It looks similar to a watch I've seen all over the news. Can't remember the name of it though. (Also IP68 isn't really waterproof. I take it back, I thought it was IP67 whoops)
The SmartWatch 2 was a huge improvement over the previous model, but it didn't impress me enough at the time to buy it so soon after the last one; I ended up getting the Pebble instead. This one though, looks like what I'm really looking for in a smart wristwatch. I'd happily trade my Pebble for one, and probably will once they start selling it in the US.
As for the waterproof rating, IP68 would be "no ingress of dust" (the "6" in the rating) and "the equipment is suitable for continuous immersion in water (immersion beyond 1m)" (the "8" in the rating). That sounds pretty much waterproof to me. Now, if you mean it's not a diver's watch, well of course it isn't, and never claimed to be. A diver will wear a diver's watch, not a device that connects to a phone she wouldn't dive with anyway.
I had the first sony smart watch and it was amazing for its time. Then I got the pebble and loved it. Now I'm onto the Moto 360 and not looking back.