Why No Watch Phones Yet?

Watch phone = wrist watch that contains a phone. I don't wear watches anymore. Since I always carry a cell phone, why bother with a watch when I can tell time from the phone. But carrying that phone is a pain. Right pocket has a wallet, left pocket has keys. Putting a phone in either of those pockets either creates a bulge or scratches the phone. Back pockets risk sitting on and crushing the phone. The phone holster keeps getting caught on things and comes loose from my belt. Shirt pocket is no good since the phone slides out when I lean over, and a heavy phone skews the shirt to one side. So my question still is: "Why no watch phones yet?" The Motorola Razr or Nokia 6103 are so compact, why not put it on a wrist strap?