The product could have been so much more interesting, but MS just refused to put much effort into exploring those potentials.
I have one of the newest/last gen of Abacus SPOT watches. While I do agree smartphones rendered many aspects of it obsolete on paper, in practice I find getting small-but-important data blurbs (meeting time/place, traffic alerts, etc.) quicker to grab from my watch. For what it was, it had a reasonably efficient UI, and being attached to my wrist meant easy "glance" access, unlike my phone -- particularly w.r.t. traffic and meetings when driving).
The whole programmable-face aspect had such potential (esp. the non-standard ones like swatch/internet time), but MS really kak'd the rack there. Just look at popularity of "atypical-faced" watches these days. SPOT watches could easily handle most such face displays, but MS never put much creativity or effort into that angle.
As long as mine works, I'll keep using it, and I'll miss it when it dies. There are just times when glancing at a watch for meeting time/place info is still easier than digging out my phone, and same for traffic alerts.