MiMoLife's LunaTik is already being sold at Dezeen's watch store. First impression, its chunky, its heavy and it got to be for some super geeky Apple fans. Second though, its all about the function you can get from the Nano.
I see it this way:
landline phone --> mobile phone (huge one, receive and call only) --> mobile with sim card (with text, game like Nokia snake) --> smart phone
clock --> pocket watch (for man) --> wristwatch --> digital watch (as in all the G-Shock/calculator watch etc...) --> Touch Screen/Smart watch
I guess the only different is analogue watches, especially mechanical will always stay in the market with their jewellery value.