Ah, the ol' function over form thing. He's right though, the iWatch owners I know don't exactly get much out of them, and they look like an over thick square slab getting in the way of their shirt cuff. Yes, I've yet to see a woman wearing one.
The trouble for a wearable is that it can hardly function at all, and really cannot improve on the wearables we already have. An ordinary watch is very good at telling the time and date and a few other things. A phone is meant to fit in a pocket (interesting that the new iPhone is smaller) and does way more for us than a watch can ever do. A specialised sports thing like to heart rate monitor is better for those who take their exercise seriously.
Something like an iWatch struggles to be a jack of all trades but is master of none.