Why would anyone want a watch that does what their Iphone does if they already have an Iphone, I don't understand. Heck I don't even think Iphones are useful but, this seems so redundant... I don't even.
Its not an iPhone on your wrist, its an extension of the phone onto your wrist. Its a utility, completely optional. I'm still waiting for apple to post a comprehensive features list so I can see all the goodies involved, so I'd also bite your tongue.