I can't wait for the next iteration of the Gear. The first Note was rather awful, but the Note 2 turned out to be one of my favorite machines. Let's hope this works out that way.
I think the issue with the Gear is that Samsung noticed people with larger phones springing for Pebbles and such, and rushed late to market with a product that wasn't ready yet. The original Note identified a niche that was largely unexploited prior to its release.
It wasn't perfect (e.g. the display crushed blacks) but it was very good.
I know it wasn't a perfect device, but most people seemed to love it when it was originally released.