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Its an hourglass! its a wrist watch! its both!
the quality of the fakes is getting quite good, making it hard to distinguish the fake from the real thing . For example the watches on http://thewatchprofessionals.com are so good , i can not tell them apart. here is a video displaying different replica watch movements of a rolex submariner :
http://video.google.com/videoplay?docid=3333499899984924583&q=replica+watch
http://amateureconblog.blogspot.com/
I think it is better that the whole whatch is hourglass including the belt.