All the Android Wear watches you've been able to purchase so far have been made by technology firms moonlighting as watchmakers. The Fossil Q Founder is the first one that's the other way around. It looks like a more traditional Fossil watch, but the Q Founder runs Android Wear. You can buy it today for $295, which seems less insane than the $1500 price tag for the Tag Heuer watch.
The product page is a little light on specs, but we know the Q Founder has a 400mAh battery, standard 22mm band support, 4GB of storage, and a 46mm case. It was supposed to have an Intel Atom chip of some sort, but there's no mention of the SoC on Fossil's site. Likewise, the screen is mysterious. I'd wager on it being an LCD of some sort because of the flat tire shape (just like the Moto 360). We'll update if we can figure out any more specs.
While it's running Android Wear, the Founder Q will have official Fossil watch faces, which could be pretty rad. We had previously heard a price point of $275, so it's not clear what happened to that. The listing on Fossil's site does have a metal band, though. Perhaps a cheaper leather option will be made available too.