With a workforce of over one hundred, which would presumably include designers, engineers and managers, it's safe to say the iWatch is past the experimental prototype stage and well into the product development phase.
Consumers have already shown interest in a wearable smart device with the advent of the popular wristbands that were available for the now discontinued iPod Nano. A wearable device with built-in cellular/WiFi, GPS, Bluetooth, and an FM radio and access to simple apps such as contacts, calendars, and messaging would no doubt be a hit amongst the Apple faithful and probably become a must have accessory for the fashion crowd.
If Apple were to be successful in their launch of the yet to announced iWatch, one would assume it would have to have customizable screens with different "faces" and be easily adaptable to many types of accessories such as wristbands, bracelets, and colours. It needs to be more than an extension of the iPhone or iPod; it needs to revolutionize the way we look at watches.