Relay the audio back and forth to the phone and let the phone do the processing and Internet.
I know it's possible because you can make a phone call from the watch, so why can't we tell Google Now or s-voice to send a text message?
Has one one given this a go? If so, is it as awesome as I imagine?? Also, how? I can't seem to get any audio other than call audio and on-watch audio out of the watch.
Also, this may be a stretch, but is there perchance a VNC-type app that can be run across bluetooth? View the phone's screen on your watch all willy-nilly and what's. Sounds crazy, I know, but it FEELS like it could be done.