The problem with smartwatches today is it's still unclear what type of apps they should run. So you might be able to create super smartwatch that's just as powerful as a smartphone but is that what people want?
There is nothing interesting on this third wave for me personally versus what was already possible.
I see it as a solution the vendors are looking for, to sort out the increasingly stagnant sales of smartphones and tablets.
Specially in the countries where people don't switch their phones every two years, which is the majority of the world actually.