Google purchased WIMM [0], a wearable computing device running a modified version of the Android operating system [1]. Even though the WIMM website is shutdown you can still access their app store [2] to get an idea of what is possible.
ps. I hope we see an embedded Linux SoC, meaning that you do not need to tether this with your phone, the watch is stand alone, and will likely replace the phone down the road. Most other smart watches require that you tether with your phone, which acts as the brain, so it makes programming difficult, and battery life suffers, since you have radios talking.