GPS wristwatches do exist, albeit not that many of them. Watches of this type are primarily designed for runners as almost every single watch that has GPS capability usually also has a heart monitor and other things runners would be interested in.
But what if you’re not a runner? Would you still find use out of a GPS wristwatch?
Well, that depends if you could find any good use out of it.
For the non-runner types, the only thing good about a GPS wristwatch is its ability to set waypoints and then lead you back to them.
Example 1: Finding your car in a large parking lot at the mall. When you get out of the car, you set the waypoint where you parked (assuming it’s outside and not in a parking garage), then go about your business. After you exit the mall, you load up the waypoint in the watch and it will point you to where your car is.
Example 2: Finding your way back to camp while in the woods. A wristwatch used in the wilderness is far more convenient than carrying around a handheld trail GPS. Granted, it’s nowhere near as accurate, but it does do the job.
“Give me an arrow and point me to where my waypoint is”
This is the most difficult feature to find. There are several GPS wristwatches that will give you all the coordinate data you want (like the Suunto Ambit), but absolutely will not show the one thing you’d value the most – an on-screen arrow pointing in the direction where supposed to go to get back to a waypoint you set, so before anyone says “A Garmin Forerunner has GPS”, yes it does, but no arrow-on-screen.
One of the few GPS wristwatches I’ve seen that has the arrow on-screen is made by Pyle. You know this company mainly for audio products, but they make some darned fine watches as well.
The Pyle PSWGP405 has GPS with the arrow on-screen. And yes it can set waypoints.
What’s even better is that it looks like a regular watch. The #1 complaint by people looking for a GPS wristwatch is that what’s available comes in this huge casing (like the Garmin Foretrex, which isn’t even a watch) that looks stupid on the wrist, or the colors are all wrong and comes in anything but basic black.
Pyle is one of the few that makes a GPS wristwatch that is exactly what most runners and non-runners would want. Simple, stylish-but-not-garish, easily readable, has the arrow. The Pyle obviously isn’t a dress watch as it’s meant for sport use, but most people would consider it to be an acceptable look.
If you want to read up more on what this watch does and how it does it, the product link above where the watch is does contain the entire manual in PDF format.
Remember, while this watch does provide navigation, it contains no maps. All it “knows” is coordinates and that’s it. If you want actual map data, you have to use a full-size handheld/auto GPS or a smartphone that has the map data.

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A GPS shows Course Over Ground (COG). It does not show Heading (HDG). The watch needs to have a built in compass to show HDG.
Heading can be converted to the direction to the waypoint. Course Over Ground can also be converted to the direction to waypoint, but you have to be moving over the ground for COG to work. At only 1-3 MPH, walking speed, COG is not going to be very accurate because of the intentional error and the movement of the error put into the GPS system. If the watch does not have WAAS, then it is not going to be a very useful device except to give you a present position. And as you said, a LAT and LON is not going to be very useful without a paper or electronic chart.
It’s a given that the unit will have an electronic compass in it to give a bearing pointer. What you’re talking about with COGs is commonly referred to as “paths” (routes/courses) lined with “breadcrumbs” (coordinates) – however what I’m referring to is something much simpler called “as the crow flies” to go from A to B and back again. No map data or charts needed.