Smart watches aren't designed to duplicate the functionality of your smart phone, they supplement it. Especially if you have a larger device (like a Note 4), I can see the benefit of glancing at my wrist for the time rather than digging out my phone. And to decline a call if i'm in a meeting, view a text message or reminder. Plus it has the added benefit of a fitness tracker if you're into that sort of thing.
Personally, they're still too new in the market for me to jump on the bandwagon. After a few more iterations from different companies, I'll most likely end up getting one (assuming they have more stylish options in the future). The Gear 2 could be had a few weeks ago for $100 new, or $50 refurbished. At that price point, I almost bit, but decided to wait a little longer. If you already wear a watch daily (for utility, not for fashion), or a fitness tracker, then a smart watch is a logical purchase because it can perform many more functions than those normal devices. I remember when my brother got the first gen iPhone I said "Why would I ever need something like that?"