A hundred years ago, it was considered rude to wear a watch for a company dinner, formal or not. This would mean that we have a more important job than hanging out and having dinner with our host. The gentlemen used to stick to etiquette a hundred years ago and did not wear watches for such gatherings.
Today, the situation is similar with cell phones, except that we have become perhaps too free on this issue and allow rude interruptions and intrusions through cell phones.