I think interface wise Cook has the right of it when he says they didn't just strap a reduced iPhone on the wrist. It's clear that they spent a large amount of

I think interface wise Cook has the right of it when he says they didn't just strap a reduced iPhone on the wrist. It's clear that they spent a large amount of time and effort with the haptic feedback and the crown. But functionality wise... well I completely agree with you. I can't see anything a smartphone cannot do, better and more efficiently, with the exception of the heart rate sensor. Some functions in particular seem very awkward to me: I cannot see a reasonable way of using it as a phone or an audio player, in public, without bluetooth earphones. With mobile phones, mp3 players and smartphones the value proposition was clear, but what is the killer application for smartwatches ? That said, I would be far from surprised if they sell like hotcakes.