E-reader maker Onyx is entering the Smartwatch market, and the company is showing a prototype watch with a 1.56" E Ink display. This watch has an always-on display (enabled by the fact that E Ink display do not consume power if the display is static). In the prototype there are 3 buttons and the display is not touch-enabled, but future version may include a touch display.
The Onyx watch will sync with your phone via Bluetooth and also include a fitness tracker. A GPS may be added to future versions. This device will not reach the market until 2015 "at the earliest".