Smartphones are not wearable computers. I don't wear mine, but always have it with me in my pocket. I don't wear my wallet - it's in my pocket. (Laptops are also not wearable computers, even though I always have it with me.)
This isn't meant sarcastically -- the idea of "wearing" something is pretty tied up with the context of the object (e.g. is it "clothing") and less to do with how you're actually carrying it around, which can make "wearable" computing something of an oxymoron depending on how it's interpreted.
Still, having an always-accessible computing platform and internet terminal, even if it has to be held, is a pretty big deal :)