I'm using Good Technology on my Galaxy S4 and indeed have a enforced Password which is a real pain in the a..
I had exactly the same question before I got my smartwatch and I went for it anyway. I have to tell you that it's even way better now !
I see my notifications (before I was not able because of the lockscreen password) and I can even place a call without putting the password if you do it via the watch.
XDA Developers was founded by developers, for developers. It is now a valuable resource for people who want to make the most of their mobile devices, from customizing the look and feel to adding new functionality. Are you a developer?