Marco Arment on the "future of the dumbwatch":

“The Apple Watch isn’t just a watch, interchangeable like any other. It’s an entire mobile computing and communication platform, and a significant enhancement to the smartphone, which is probably the most successful, ubiquitous, and disruptive electronic device in history.

Once you’re accustomed to wearing one, going out for a night without your Apple Watch is going to feel like going out without your phone.”

I think Marco's right. People who collect and wear watches might have a formal watch for work, a comfy watch for the weekend, a waterproof watch for going to the gym, a fancy watch for special occasions. Any of those will do the same job for which they're primarily designed – i.e. tell the time – and so are interchangeable depending on the mood or activity of the wearer. Marco’s proposition though is that smartwatches are not interchangeable with traditional watches. This is because, once you get used to notifications on your wrist and whatever the other alleged benefits of a smartwatch are, putting on your fancy traditional watch for that special occasion won’t provide anything like the same experience.

Some questions then:

Will people buy multiple variations of the Apple Watch for different occasions? (surely not)
Will people buy different bands for different occasions? (more likely, but does this have even close to same feeling as a different watch for different event?)

Update:

If the answer to both of the above questions is 'no', is it possible that people will wear both a smartwatch and a traditional 'dumb' watch?

My initial reaction to the Apple Watch was that it would replace entirely the 'watch' category of products, much like the iPhone did to 'dumb' mobile phones: no one continued to carry a flip phone once they had a smart phone.

But maybe this initial reaction was wrong? What if instead smartwatches are to traditional watches as the iPad/tablet devices were to books? Some people read on their iPad, some people read books in paper form, and many carry around both a book and an iPad.