Only if you can run Geekbench or SPECint on it.
My guess would be you can. It will be interesting to see how much of the S1 is just a normal ARM SoC and whether it runs iOS and how exactly is it structured.
There are big concerns when you put a device under the constraints of being used as a "watch". It has to be shock, water, dust, sand, etc, etc resistant and at the same time be tiny and use very little power.
A8 looks to be just a revision of A7, it says a lot about how good the A7 design was and how it will hold up. I'm not sure why people on android aren't waiting until 64bit comes to Qualcomm or Samsung. 10% IPC still puts A8 in line with Broadwell, with density as good or better.
If apple wanted more power they could've clocked A8 at 1.8 or 2Ghz and called it a day. That would be core i3 speed.