No way. iWatch won't have a touchscreen, it'll have a 3D beamy thing giving a hologram effect like off Star Wars, all which is fully interactive. This means if you need more real-estate or add new features, it's not a problem; one of the main advantages when the iPhone didn't come with a physical keyboard. Otherwise there's no advantage to a small touchscreen; it won't add any functionality to the ecosystem. It won't be as good as an iPhone/iPad for browsing, making calls, or anything else. It'll be redundant.
My money's firmly on Apple popping in some technology 5-10 years ahead of their competitors' pipelines. If they perfect it they could easily have it running in tandem with an iPhone to make calls (much like OS X 10.10 will), without the limitations of the Galaxy Gear (crappy sluggish interface and tiny screen).
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