I would argue with you on this point. A smartwatch is absolutely not jewelry first. There is literally no compelling reason to wear a smart watch unless you intend to use it for the "smart" purposes (information, navigation, communication, reminders, appointments, music, health). Otherwise, pick a "dumb" watch. Even I, who haven't worn a watch regularly since college (about 15 years ago), have grown accustomed to my Android Wear device. Not because it tells the time, which I frankly don't care much about, but because it replaces the need for me to carry a pad/paper for taking quick notes, let's me reply to Whatsapp & Hangouts messages via voice, shows me incoming email, alerts me to weather emergencies, gives me a way to easily fact check for my kids at the dinner table ("Ok Google... is buffalo mozzarella really made from buffalo milk?"), etc. You could certainly argue whether or not these things are valuable or important for the average person, but just like with so many other things, I think "smart" wearables will become ubiquitous in the next few years, just as cell phones (and no smartphones) have over the past decade.
The beauty of Android Wear is the absolute simplicity of enabling existing apps to have a Wear interface (http://developer.android.com/training/building-wearables.htm...). Perhaps it will be the same for iOS, but with the explosion of low end Androids in developing countries, my inclination is to think Apple is òn the path to slowly lose this battle.