Sony's SmartWatch 3, as the name implies, is the company's third smartwatch — and its first running Android Wear. Internally it's pretty much like every other smartwatch we've seen with Android Wear. And it's of the square variety, with a 1.6-inch face.
The watch body is where things start to get interesting, as it's removable from its rubber strap. So theoretically you can swap it out for a different color band. (If you can find one, that is — it's not a standard band design)
But more important is that the SmartWatch 3 is the first Android Wear device to sport standalone GPS, meaning that you can take it jogging and not have to lug a phone around with you. That's a big deal, and it's sort of the start of the next generation of Android Wear devices (which really are very much still in the first generation).
The SmartWatch carries a price tag of $249, and is on sale from Google Play, as well as several different retailers and carriers.