FORTUNE — Based on some of the early buzz, you’d figure the $299 Samsung Gear smart watch is a downright revolutionary device. On paper, it has several nifty things going for it: a 1.63-inch color display, Google (GOOG) Android, and 70 apps at launch from eBay (EBAY), Evernote, and RunKeeper, among them. It lets users make phone calls, check email, even point and shoot photos and video by holding up your hand. And voice recognition means it’s possible to navigate the device touch-free. With all those features going for it, it’s easy to let the imagination run wild with far-out hypothetical scenarios where this thing is all but doing the home cooking.
Still, I’m not sold. Here are three easy reasons why:
It doesn’t do anything my phone doesn’t already do (yet). All right, so the Gear isn’t even out. But based on Samsung’s announcement, it doesn’t do anything my iPhone 5 doesn’t already do besides look better strapped to someone’s wrist. Most of the 70 apps available on day one are already available for Android and iOS devices. Sure, it might make certain tasks easier — I like the idea of running without having to pull out my phone — but there just aren’t enough unique use cases for me to even consider splurging on this.
I don’t have a Galaxy Note III. Unless users also have the Galaxy Note III, they aren’t going to get the most out of the Gear. Samsung’s smart watch must be paired via Bluetooth with the upcoming phone-tablet hybrid, a.k.a. “phablet,” to perform many basic tasks. (That may change: Samsung has said the Gear will likely work with other Galaxy phones in the future, though it didn’t specify when.) In other words, the watch will only work with a small subset of devices for the foreseeable future. That severely limits its appeal and potential audience. Because in the end, I’d have to spend $300 for the Gear and purchase a Note III. That’s too rich for my blood.
I don’t love the so-so battery life. According to Samsung, the Gear should go a day in between charges depending on how it’s used. That’s just average as smart phone battery life goes and disappointing when it comes to so-called smart watches. To compare, the Pebble smart watch lasts up to a week before needing more juice. Sure, the Pebble uses a simpler black and white screen and lacks the bells and whistles of the Gear, but I still expect more out of the latter. I’m OK plugging in my phone before I go to bed each night. But my watch? Not so much.
What about you, Fortune readers? Has the Samsung Gear piqued your interest? Will you be among the first to buy one? Sound off in the comments below.