They could be useful for sport activities. For eg: I could maybe see it replacing my cycling computer if it provided a heart rate monitor + support for extra speed/cadence/power sensors via ANT+ or Bluetooth LE
Agree- in this case I'd be most interested in GPS, heart rate and no dependency on a phone (don't want to have to carry my phone on runs).
This is almost the opposite of what I want from a casual watch- for it to offload absolutely everything to my phone and essentially be a second screen and nothing more. Keep size to an absolute minimum.