As you can see in the video, the prototype has a couple buttons on either edge, two on the face, and it even has a touchscreen. This watch weghs in at 77 grams, and Netronix is saying that the production model will have 4-6 days battery life. They're also saying they have several interested customers, and that the wholesale price will be $70-$80.
It's a neat looking gadget, but I'm not nearly as excited about smartwatches as I was at CES 2014. I'm not so sure they will amount to much more than a curiosity.
It's not just that there's no evidence that Apple is going to get into the market; I don't see what need a smartwatch fills other than saving you the effort of removing your smartphone from your pocket. Most designs are so limited that they can never be more than an accessory.
True, there are a few models (the Motorola Activ, for example) that fill a secondary purpose better than a smartwatch would, but they are the exception.
If I had to make a prediction I would say that in the next couple years the hype surrounding smartwatches will fizzle, leaving the category as little more than another type of wristwatch.