They put that exchange in because it'd be retodded if Hank DIDN'T mention the new watch. He HAS to notice it above anyone else. Doesn't mean it's gonna lead to anything else. And my argument wasn't that Hank isn't observant, just that noticing obvious things like a new watch & a new car does not make him so. Hank's entire work on the Heisenberg/Fring case is evidence of his observance that should be complimented (the example you gave on the circuit breaker is an excellent example). Not this.
Edit: The ricin cigarette is inside of an outlet inside the house breh
Second Edit: Damn, you really aren't observant