Like moths to a flame, CES attendees were drawn to LG's prototype of Dick Tracy's wristwatch cell phone updated (of course). Based on currently available information, it's Bluetooth and GSM-based. It would have to be Bluetooth enabled, otherwise you'd look quite odd talking on the phone. No release date, no cost, no lack of interest. But here, at least is a picture.
Assessment: The watch phone would be coveted (if the crowds even near closing time were indicative) but the downside is that you'd definitely have to use a Bluetooth headset if you were out and about. This may not be a downside for you, but it's a deal breaker for me.