Watches have become a personal fashion item.
I don't see Apple releasing a single design and hope that millions of people will want to be seen wearing the same watch. I see the iWatch being much more successful if there are at least a dozen designs made by several different designers, covering a wide variety of styles.
Casings have proven to be very popular as a personnalisation vehicle for smartphones. Even if Apple made the iPhone indestructible people would still put casings on them. Same thing happens with stickers and laptops. But watches are already inherently personalized by the fact that a wide variety of watch designs are produced.
But how could Apple concurrently mass produce dozens of different watch designs? Watches need to be made of a durable material. A machined aluminum casing would require complex custom machines for each design, rising the cost of production significantly, and wasting resources as some designs would be less popular. Molding traditional metal is not suited for watch production for various reasons.
If only there was a material that is strong as metal, but could be molded and/or stamped into any 3d shape possible with a very high degree of precision?
Liquid metal (+ sapphire) is a perfect match for the "iWatch". Not only because it would allows Apple to churn out dozens of high precisions designs at the same time, but also because it can be used to create all the internal circuit mounting structures, heatsink, EMI shielding and radio wave guiding (antennas) all in one (or two) piece(s). And the sapphire display could be hermetically fused with the liquid metal body. It could enable Apple to make a smart watch that is half as thin as the flagship LG, Moto and Samsung smart watches but would be as powerful.
Apple owns an exclusive license for the use of liquid metal in electronic devices. They also share a huge portfolio of liquid metal related patents with a company called "Crucible Intellectual Property llc" which is a patent holding company setup by Apple and Liquidmetal Technologies.
But Switzerland based Swatch has a "perpetual" exclusive license to use liquid metal on watches. And until a couple of years ago, this license also covered use in jewelry. It was changed to only cover "watches" for some reason.
I can see Apple releasing their "wearable" and never ever call it a watch... Of course, Swatch could sue, or settle for a large amount of money, like Cisco did with the iPhone trademark.