I must admit, owning a watch does seem redundant, as I'm more likely to whip out the iPhone to check the time when I'm out and about too.
Having said this, I can also see how a watch can be chosen and worn as an adornment or status symbol in the same vein as other personal accoutrements, so it is what it is.
I am also reminded of a line from a cheesy 80s straight to video (?) flick "Remo - unarmed and dangerous" when Chiun, Remo's mentor, proclaims watches are a confidence trick invented by the Swiss.
