I've heard now is not the time to buy smartwatches. Word has it that the new generation are going to be far superior in battery life and coprocessor capacity... and Google buying fossil
As things stand smartwatches are a luxury and not a necessity in the sense that a smartphone is.
IMO, the applications are more on the health side of things. (fitness tracking, etc.).
Thats the main reason i got the gear sport. Tracking your Workouts, calories, fitness progress, etc is a great way to stay motivated when it comes to keeping healthy. The smart features are an added bonus. I also didnt want something that needed to be charged every night.
Also, samsung has been very good with keeping the devices relevant, as they understand that its not like a phone that will probably be upgraded every year or 2 years.
The Tizen 184.108.40.206 update for the GS3 and Gear Sport brings them upto par with the latest devices (Galaxy watch)