First, before commenting on Apple Watch, it might be useful to get two things straight: first, the name of the fucking product, and second, the fact that it's by far the best-selling smartwatch in history, and an instant #2 in revenue in the watch market in general, behind only Rolex. So actually, it is a pretty big deal.
Second, how do you know whether this product does anything well? You don't. You're guessing. Odds are that it doesn't. Even if it does, it will be a joke and a failure for the same reasons that Google Glass was: you have to wear it, and it looks stupid, and it's shockingly, hilariously obtrusive and will creep people out.
So basically, you're wrong on all counts.
Snapchat should stick to the one thing it's good at: more plausibly-deniable ways to send dick pics.