Too expensive for anyone other than commited runners
A fitness smartwatch is a great idea, but the form factor will always be less stylish due to the necessity to be shock resistant and waterproof.
The LG Sport might do ok, it has a GPS and a barometric altimeter which puts it at the high end of running watches. *If* the software is decent and the price isn't higher than a few hundred quid, it might succeed in the UK.
However, I question if it's going to be more integrated than offerings by Garmin and Suunto. If they end up competing, the fitness watch manufacturers will probably just drop the price and make it uneconomic for LG to continue.