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.
So got for it !