I've got the 1st version (Sony's 2nd attempt after the Liveview) of the Smartwatch. It's not bad. The big thing you'll see is that there are several apps you have to download to make the thing work with whatever phone you have. And if it isn't a Sony phone, not all the features will work properly as far as the phone goes from what I can tell. (Although, I couldn't tell you for sure as the most prominent problem people have is the phone calls. Hmm, and I don't really do all that much with the actual phone part of my phone.)
It's nice and simple. It looks pretty good and I think the SW2 looks even better. My SW1 gets a lot of compliments and it has that silly white plastic clip going on on the back. The tap twice to wake feature on the SW1 is a bit hit or miss. Hoping it is better on the SW2.
There's a few 3rd party apps out there worth getting and one I've not convinced myself of yet as it is a bit much and a bit convoluted to use. It does add notifications from pretty much anything though. It's just that it's not very clear.
All that said, I was definitely looking at picking up the SW2 but Sony took so long to get it to the US market that I might as well wait and see what Google is cooking up and then decide.