An iPhone does all of the above better and more efficiently with a better user experience.
Holding your wrist up to your ear? really?
This seems like forcing things into a medium that they simply do not work well. For what reason? To be different?
It seems more likely that if Apple were to make a smartwatch, they would focus on the things a watch and small connected display would do well at and do so simply..... that would include basic information, notifications, possibly messages, time, weather, call information, possibly simple navigational directions, workout statistics, song information/album art.
Really... just look at the 6th generation nano and imagine if it had an active sync to an iPhone.
Bluetooth headphones are a dead end IMO. Yet another device to charge... so now you need to charge two devices just to use one, you always have to have them on to use, they aren't cheap, and Apple hasn't even been tempted to try them out on their iPods.
Note: I'm not attacking you... just the idea of these smart watches replacing phones... just my thoughts.