I've seen a number of people wearing watches and using them to scan for texts and e-mails. Most of the watches are fairly large, although they are now much smaller than the earliest devices.
Personally, I just don't get it when I already had my phone in my pocket and I can lift it out and look at it if I need to.
How many messages are so time critical?
How many occasions is hands-free checking of texts and e-mails worthwhile?
Of course, Steve Wozniak was talking not just of watches. We've had Google Glass, which was of interest to early adopters, and may yet have its uses in niche sectors. Woz goes on to mention bluetooth headsets and how that just made people look dorky.
At the moment i'm most concerned about all that technology and authorisation which is in a smartphone. It's too easy to lose it, or for it to be stolen. Not really a wearable as they are not small enough, yet, so, perhaps the half-way house of the smartphone in a watch is the best bet as it's less likely to be lost, but just as likely to be stole.