See, the smartwatch thing is STILL a new tech. Companies are making them and trying to do they best they can with current tech. There are limits on what they can do in a device that is that small. When you talk about motherboard, CPU, ram, sensors, battery all in side a little watch, something has to give and right now it's battery and over all design.
Apple knew they could not fit, iOS in a watch nor that it would work well. I think it's a decent design as a OS for a watch(a lot better than I have seen in some "Android wear" devices), and with proper application support, it could really be a awesome item. As we have learned, a phone OS is great but, if you don't have the applications to extend it, it then starts to show it's limits.
There is only rumor of Microsoft designing something for this. I can honestly say that I have not seen anything that truly shows a Microsoft watch besides some 3rd party concepts.
The big questions are, Is Microsoft actually working on something ? If they are, are they going for compatibly for other devices(iOS/Android) or something designed JUST for Windows Phone ? Or will this be a stand alone device ?
If Microsoft makes something JUST for Windows Phone, with a custom OS that Only works with Windows Phone, then AWESOME. If they design something for compatibility between iOS and Android, then I think it will be just like the other devices, with some driver to make it work with WP.
Sad to say, the money will drive them, so they MIGHT release something that is compatible across the board and in that case, it could be a fail.
I really hope they come up with a watch designed just for Windows Phone....and dedicate it to Windows Phone.
and yea, the Apple watch got me excited for a smartwatch...but, still not sure they are ready for prime time (1 day battery life)