AT&T is treating the G Watch like any other accessory online, which means you can potentially get a pretty good deal. See, AT&T has an ongoing deal offering 25% off if you buy three accessories. That brings the cost of the watch down to $171.75.
There are a few accessories on heavy discount from AT&T right now, so you'll want to add the Body Glove universal sleeve and travel case to the cart in addition to the G Watch. That fulfills your three accessory requirement, and everything is 25% off. The other accessories are good deals on their own ($1.25 each), if you need iPad cases. I know, you probably don't.
The 50% off deal when buying the G3 is obviously better, but not everyone wants a G3 from AT&T. Remember, AT&T sometimes cancels orders if it doesn't like how people are taking advantage of discounts. Just cross your fingers and toes.