As BaldiMac points out.. Why is everyone so fast to assume this is going to look exactly like iPod Nano on a wristband? This is like assuming iPhone was going to look somewhat like BlackBerry before its announcement.
Also, have you all forgotten about the whole health and fitness, and daily-life pattern monitor functionality that's been the big thing lately? Nike+ Fuelband, Fitbit, Up, and so on.. This watch is supposed to replace all those, and more. (If the rumor holds true.. I really hope it does.)
If the iWatch does all these, and looks as attractive as Nike+ Fuelband, I'm all in with this device. I usually wait for 3rd gen of any Apple product, but with this one, I might just well be in the line on day 1.