I'm an apologetic fan of wrist watches that double as cell phones. largely because of a boyhood fascination with Dick Tracy that had my grade school teachers puzzled by the flabby boy with the wild mop of hair and crazed eyes in the back of their classroom, loudly calling APBs into his "radio watch"... which was, in actuality, a He-Man swatch. Leave aside that it makes more sense to use your cell phone as a time piece than it does to use a watch as a cell phone: there's something about shouting, "Hello! John Brownlee here!" at my wrist that appeals to me, even if it is functionally both inconvenient and absurd.
The EP2502 cell phone watch seems a cut above its competitors, though. It's still every lick as ridiculous as you'd expect, but it's actually fairly attractive, featuring an OLED touch screen, a 2 megapixel camera, tri-band support, Bluetooth and even waterproofing. It's being released in just a few days for $250, which seems respectable.
Of course, where these cell phone watches really fall apart is privacy: it's not practical taking your watch off every time you need to answer your phone, which means you'll need to hold your wrist up to your ear like for swathes of time or loudly shout at your wrist in the street while passers-by shoot you alarmed looks. I suspect no one's really going to get into these until they simply function as wearable video conferencing devices. Then we'll all feel like Dick Tracy.