Well Apple had their chance with iPod Nano Touch - it doesn't look any different than iOS. Besides the key on these tiny displays is going to be how minimalistic you can get - get the UI baggage out of the way and present as much info as possible.
Rotate your wrist counter-clockwise and you see slowly start to see more relevant information (weather, news headlines, etc.). It would be kind of like google now, except not necessarily requiring interaction and it would be much more visually interesting.