I'm predicting multiple watch faces that can be matched with a variety of bands, meaning Apple can sell several accessories per consumer. It won't be necessary, but a lot of people will opt to switch out bands through the year, or keep their old bands when the inevitable iWatch 2 is released. Bands and watch faces will each be available across a wide variety of price points - $30 - 50 for the lowest price tier, very expensive at the high end (hence the fashion outreach).
There is a lot of pressure to keep the company growing. Apple is very confident that their association with the fashion world will place this new product on an entirely different playing field from competitors' one-off gadget watches.
People will rightly note that this is a different strategy than Apple used for the iconic iPod and iPhone, which were mostly one-size-fits-all devices. But Apple now has its brand totems and is looking for other ways to continue growing, without charging for $1000 iPhones or cannabalizing its existing range of portables.
By now it should be obvious the emphasis is on health sensors, voice-messaging and other quick notifications and tasks that don't require a keyboard. Just, aesthetically, it's a watch face and band.