I don't think we should wait for the future. You already know Fashion and you already know how your friends react to Fashion.
The Fashion industry will not change because Apple launch 1 item of all the Fashion items of the industry.
But, lets wait and check back in december
Wearable tech needs to straddle two very different worlds. Fashion superficially changes on a whim (though watches change more slowly) while the underlying production processes and materials don't really change much. Technology changes "under the hood" very rapidly, but aesthetic changes occur much more slowly (the basic form of the notebook PC hasn't changed much in 25 years, except that it has gotten thinner as the technology has allowed, and as features such as external media drives have been dropped).
With Apple Watch, Apple needs to get across that this is something personal, and customizable to fit your personality and fashion tastes. That's why they focused so much on the band. They probably can't make very many changes to the actual design of the watch itself (they potentially could make more ornate designs, or rounded or octagonal designs in the future), so the best way to do so is to make lots of different kinds of bands, as well as watch faces. Since the faces are digital, they can add new ones whenever they want. If certain bands prove popular or unpopular, they can change the designs pretty much whenever they want, as well.
In Angela Ahrendts, Apple has an executive who has successfully navigated the fashion industry for 2 decades.
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The problem with fashion over function is that fashion is much easier to copy.
All around the worldand particularly in Asiapeople working long hours to copy these designs. Apple's watch will hardly be on the market before the clones will begin to appear at a fraction of Apple's prices.
Will Apple sue? Probably. But the problem with simplicity is that the simpler a design is, they less you have to do to copy it. That may haunt them in court.
But if done right, people will pay more for the "real thing." Angela Ahrendts dealt with exactly that problem when she took over at Burberry. There were lots of cheap knock-offs, and they were often purchased by soccer hooligans, which hurt the brand. Burberry did sue/C&D a number of them out of existence and did manage to regain control of its image.
That's probably another reason for the tie to the iPhone, at least initially. Apple can control what does and does not interface with the iPhone, Mac, iPad, or any other product it sells. They can enable tight integration of the Apple Watch into the Apple ecosystem while shutting out the copycats.