Meizu's new fitness wearable doesn't do anything new, but that's not the point.

Meizu is entering the wearables market, and the popular Chinese smartphone maker is taking on one of its biggest rivals, Xiaomi, in the process. But the fitness tracker, aptly titled Meizu Band, further reinforces the notion that most wearables sold in North America are, if not overpriced, sold at a considerable premium.

By specs alone, the Meizu outclasses many of the current crop of fitness wearables, with a recessed OLED touchscreen, heart rate monitoring, seven-day battery life, automatic multi-activity fitness tracking, and sleep monitoring, along with a magnetic charger to ensure IP67 water ingress protection and a comfortable rubberized strap.

While the $33 USD equivalent band won't be launching outside China, at least not for the immediate future, it does (or should) renew the conversation about how commoditized fitness wearables have become, and how much longer companies like Fitbit can get away with charging $150 for products like the Charge 2 — as good as it may be.