"Congratulations to Apple on becoming the market leader in a market nobody cares about. :)"
You mean that you don't care about.
"Seriously though, I do not see any point to smart watches."
Seriously, don't buy one.
"At the level of simple functionality there are plenty of devices that tell the time and are a hell of a lot cheaper."
Of course. But this is a completely false comparison as you know*.
"As a piece of jewellery or a status symbol a mechanical Swiss timepiece from Rolex or Omega has a lot more credibility."
If by credibility you are meaning cost, then yes. But again, a completely false comparison*.
"All you've got left as a unique selling point is that it can work as a remote control for your smart phone, and that's just not worth the kind of price the smartwatch manufacturers are asking."
Well, that's the only USP you see. But even if we assume you're correct, you mean it's not worth it to you. And again, false comparison* / assumption.
* Because it's not any one of these things, it's all of them, depending on who's buying it and why.
"I guess Apple were hoping to rule the market by doing for smartwatches what they did for smartphones with the iPhone, but the sad fact they just haven't."
You guess that, do you? I guess that Apple never had any such hopes, and just wanted to make a watch that was nicer than all the other brands and build an initially small but loyal fanbase for it and grow slowly from there. With all the money in the world they can wait and see, and design something they love.
"Their watch may be much better than the competition but just doing the same thing better than everybody else isn't enough in this case."
Why not? Seems likely to me that if you have the best product in a category (which for the iPhone is after all just the Apple Watch and the Pebble) then you're most likely to be the more successful.
"You need a killer app, something that demonstrates the worth of smartwatches as a product category as a whole, otherwise they'll remain expensive geek toys with one day battery lives."
No you don't, and no they won't.