The Watch Magic definitely looks like the Watch GT, but there are some key differences to make it more affordable. First, there's a 1.2-inch 390 x 390 454 x 454 AMOLED display rather than the 1.39-inch AMOLED on the Watch GT.
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The Watch Magic has got a 316L stainless steel and plastic 42mm case, down from the Watch GT's 46.5mm case, and works with QuickFit straps. It's also considerably thinner at 9.8mm, so it'll better fit under your sleeves compared to the GT's chunky 10.6mm thickness.
All of this will be powered by Huawei and Honor's LiteOS, which will help provide a week of battery life despite only having a 178mAh battery (the Watch GT's got a 420mAh battery).
Honor isn't skimping out on features for the Watch Magic though. It's rated at 5ATM so you can swim with it, and there's also GPS and GLONASS support plus NFC for Huawei Pay.
Honor is Huawei's more affordable brand, and the Watch Magic is set to go for CNY 900 in China, which comes out to around $130. It'll be available in two colors, a "Lava" black and "Moonlight" silver. There also appears to be a "fashion" version, but that option isn't selectable on Huawei's Vmall.
The Honor Watch Magic is available in China now and is expected to launch globally in January 2019.