Hehe, yeah I've been thinking about it. I'm pretty sure I'm going to buy it after the google announcement though, it's almost perfect as a smartwatch IMO.
There is no way Google would release a stand alone phone like that. I don't see the purpose of just getting emails and messages on your wrist.
I'd imagine they'd try and push some Google Glass functionality over to a smartwatch. So I think it would be more than simple emails and texts. Plus, I'm sure a mini computer on your wrist has multiple potential uses that we just haven't thought of yet.