I'm imagining a widget that is a button or a number of buttons (perhaps quadrants of the watch UI)
Each button could be configured using the connect iq app on a phone with a URL.
When the button is pressed on the watch screen the url would be called.
I'm imagining this could do things such as home automation or calling IFTT functions etc.
Obviously the watch doesn't have its own network connection so this would depend on being paired with the phone and having a connection (but other apps such as weather apps download data from the net over this connection so I think this should be possible)
Cheers