The eyes of the tech world were focused on Cupertino on September 9, as Apple unveiled its latest collection of gadgetry. Beyond the two new iPhones with bigger displays and the mobile payment system, they also announced the “Apple Watch.” Not unlike other Apple unveilings, the press reviews were mixed. Some called it the latest Apple “game changer,” while others questioned its utility. The Apple Watch is not expected to launch until next year and, as the lucky few who got some hands-on time with the new device have reported, it is still a work in progress. As a result, Apple was vague as to exactly what all the Apple Watch will be able to do. One thing is certain, however: The Apple Watch will not be replacing your iPhone anytime soon. In fact, you need an iPhone 5 or later to make use of it.

I am a skeptic by nature, so I did a bit of an eye-roll when Tim Cook officially unveiled the Apple Watch. My skepticism stems from the Apple Watch’s limited functionality and its $349 starting price. To be fair, I feel the same way about all “smart watches.” And here’s why: By the end of the month I hope to upgrade my iPhone 5 to the new iPhone 6 (no Plus for me, though; I am not a fan of “phablets” either). Even with my AT&T subsidy, the iPhone 6 will cost $300. In contrast to my feelings about the Apple Watch, I have no trouble paying that kind of money for an iPhone or being locked in to a two-year contract with AT&T. With the iPhone, I can make calls, send text messages and email, video chat, take pictures and video and browse the Internet. My iPhone has pretty much rendered my iPad Air obsolete. About the only thing I use my iPad for now is word processing when I do not want to carry around my HP Ultrabook or Microsoft Surface. So why would I want to spend an additional $350 on a device that cannot do half of what the iPhone can do (according to media reports)?

Since most of Apple Watch’s functionality is tied to your iPhone, in my mind it is a $350 iPhone accessory. I admit the fitness tracking capabilities look very robust, and the “tap” and “heartbeat” functions that allow you to send tactile messages and your heartbeat to other users will appeal to a broader audience. However, the core functions of calling, texting and email still rely on the iPhone you are carrying in your pocket or purse.

As a self-professed tech geek, I love gadgets of all stripes. Undoubtedly, many of the gadgets I review in my regular Gadget Corner column are extravagances for the typical consumer. That is certainly one advantage of being a product reviewer: I get to test drive devices I would never buy myself. However, I would like to think my more practical side comes through in my reviews. I think it is this practicality that keeps me from being a fan of the current crop of smart watches. I do think there is a place for certain types of wearables, however. I have been wearing a Withings activity tracker for several weeks, hoping it spurs me to take better care of myself.

Perhaps for the first time in several years, since the initial launch of the iPhone, Apple has set a new standard with its Apple Watch. It will be interesting to see how other companies react to this new product and whether the Apple Watch will force companies to do things better and be more innovative. When I am at CES (the Consumer Electronics Show) this January, I will be curious to see how many wearables will be unveiled. For now, however, I see smart watches as a novelty. The same was said about the iPod many years ago, and it turned out to revolutionize the way we consume music. I have no doubt that the technology will get to a point where smart watches will replace the cell phone. Until that happens, though, I will have to wait for my backordered iPhone 6.

Are You Diversified?

This month’s feature article from Hareesh Jayanthi focuses on portfolio diversification. We have all been told that diversification is an important means of diversifying our portfolios from individual investment risk. In order to accomplish this, we build investment portfolios made up of multiple securities: stocks, mutual funds and exchange-traded funds, bonds, etc. Many of us assume that, since we hold multiple assets, we are properly diversified. However, this is not always the case, especially for fund investors. Hareesh illustrates how we can use Web-based tools to analyze our portfolios and see if we are truly diversified. I have a feeling some of you will receive a bit of a surprise.