Actually Pulsar was the first to make a watch like that, the Sinclair was a low-rent copy. The Pulsar went for over $2,000 in 1972, which would be over $10,000 now! And yes, you had to push a button to see the time, because the LED drained too much power to be left on all the time. A pretty terrible watch for all that money!
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I'll explain, since I seem to be in the overwhelming minority. I use my iPhone for just about everything. I love it. I'm a busy guy, taking care of an elderly mom, a disabled brother, and two big active boys. Besides working full-time as a programmer, I'm constantly driving and shopping and running errands and fielding phone calls and text messages. My iPhone is invaluable while managing all this and I find myself CONSTANTLY fishing it out of my pocket. Not a huge deal, but when I'm driving, this is a serious pain, and even a bit dangerous, when all I want to do sometimes is see if I need to answer the phone or see who's texting me or glance at the date/time. Just those features alone would probably be worth the price of an iWatch. But if it does any of the other things it should be able to do (e.g., pause or skip the track while listening to music, quickly check weather, voice activate and quickly record some thoughts, etc.), I'd be a very, very happy camper.
What would you say if a guy like you overruns your kids with his car while grabbing his phone or while texting or while being distracted by a "smart-watch"?! I don't want to appear as a moralist, but such behaviour is criminal negligence. To consider (if sanity does not help): judges and insurance companies check the phone trafic when it comes to a liability case.
Always a good point to consider. Of course there are irresponsible people out there who allow themselves to be dangerously distracted while driving. I do not fancy myself to be one of them. I do NOT text and drive and am usually hands-free calling. I see glancing at a smart watch while driving no more dangerous than glancing at the speedometer, and in fact quite a bit safer than what I see a lot of other people doing (staring into their laps at their phones).