Sounds like Newton vs Palm Pilot all over again
"...down from 63 per cent last year to 52 per cent this year"
I believe if Jobs were still around, he'd do to the Apple Watch what he did to the Newton shortly after his return. Namely, kill it, because it's under-baked.
The Newton was a pretty nifty device for its time; elegant user interface and competent recognition considering the tiny processors available then. The Palm Pilot, however, was smaller, cheaper and could do all the things early adopters wanted in a handheld device. Then, all the WinCE devices started coming out and the Newton got swamped. None of these devices were as well designed as the Newton, but they were designed well enough and were either far cheaper or had features (like color) that were not available on the Newton.
A lot of the same issues seem to plague the Watch. Devices like the Fitbit aren't as pretty but they do most of what the early adopters want at a third of the price (at minimum).
I hear that a lot of Newton technology made it into the iPhone, so the experiment was not a complete loss, but it should probably have stayed in the lab for another decade.