A agree that "old school" time pieces aren't very practical any longer in normal day-to-day environment.
However, for outdoorsmen, LEO, military and other "professionals" there are watches that serve a purpose and are very functional.
One of my faves is the Casio PAW 1500. Compass, auto to-the second atomic time keeping, solar powered, moon phases, local tide levels, alitimeter, barometric pressure graph, 200 meter water resistant, 29 world time zones, timer, stop watch etc. etc.
Here are the stats:
Multi-Band Atomic Timekeeping (US, UK, Germany, Japan)
Receives time calibration radio signals which keep the displayed time accurate
Auto receive function (up to 6 times per day)
Manual receive function
Signal: US WWVB, UK MSF, Germany DCF77, Japan JJY40/JJY60
Frequency: US 60kHz, UK 60kHz, Germany 77.5kHz, Japan 40/60kHz
Tough Solar Power
200M Water Resistant
Tide Graph (based on a combination of preset and user input data)
Moon Data (moon age based on current date or user input data, moon phase graph)
Digital Compass
16 points of measurement
Measuring range: 0 to 359 degrees
Measuring unit: 1 degree
Bearing Memory
Memory Capacity: 1 record (stored direction angle and indicator)
Altimeter
Measuring range: -700 to 10,000m (-2,300 to 32,800ft)
Measuring unit: 5m (20ft)
Auto memory measurements
Altimeter Memory
Memory capacity: 20 records
Measurement data: altitude, month, date, time
Max altitude memory
Relative altitude display
Altitude tendency graph
Altitude differential graphic
Barometer
Display range: 260 to 1,100 hPa (7.65 to 32.45 inHg)
Display unit: 1 hPa (0.05 inHg)
Atmospheric pressure tendency graph
Atmospheric pressure differential grapic
Thermometer
Display range: -10 to 60 C (14 to 140 F)
Display unit: 0.1 C (0.2 F)
Low Temperature Resistant (-10 C / 14 F)
Full Auto EL Backlight with Afterglow
World Time
29 times zones (33 cities), city code display, daylight saving on/off
5 Daily Alarms
Countdown (Yacht) Timer
Measuring unit: 1 second
Countdown range: 1 minute to 60 minutes
Countdown Alarm, Progress Beeper
1/100 second stopwatch
Measuring capacity: 23:59'59.99"
Measuring modes: Elapsed time, split time, 1st-2nd place times
Hourly Time Signal
Auto Calendar (pre-programmed until the year 2099)
12/24 Hour Formats
Button operation tone on/off
Accuracy: +/-20 seconds per month (with no signal calibration)
Storage Battery CTL1616
Battery Power Indicator
Power Saving Function
Approx. battery life: 5 months on full charge with Power Saving Function (without further exposure to light)