The watch was never intended for reading lots of data. Jony Ive even said the watch was designed for quick glances, and anything more one should pull out their phone. Indeed the watch is the absolute worst medium for extended viewing of anything, especially data.
And yet Apple's team looked at prototypes, and picked the one that wasn't round. Why? Because it would've been a bad idea. Rather than try to shoehorn a weird mediocre circular UI onto a weird circular screen, they went with Occam's razor and just took a regular goddamn screen and a regular goddamn UI instead.
The only reason we don't have round TVs is because the original film medium was square. But practically speaking, a round TV would actually solve a lot of problems created by mobile phones and the ever increasing vertical movies being shot on them. When a newscast switches to a vertical display, rather than reduce the image significantly with extra wide pillar bars, the image would just rotate to a full screen version on a round TV. A round TV could show any aspect ratio, including IMAX with very little picture loss, and so forth.
A wide aspect ratio (which most certainly is not round, nor square) still makes a lot of sense for motion pictures, because of the way our eyes are arranged. If we were of the cyclops species, a round TV might make sense. We're not, so it does not.
Portrait-oriented videos existing has little bearing here because those are unlikely to be watched much on a TV, especially at significant length.
That's why there are round picture frames,
Round picture frames exist because… have you looked at the upper body of a human being lately?
The round watch is not going away, just because it does more than tell time now
The traditional dumbwatch is in fact going away, and for a smartwatch, round isn't a lesser form factor. That's why Apple didn't pick it.
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Sorry but I'm going to have to use your post so I can make a point.
Apple is not going to make a watch to replace your phone. They are not. Ever. Not because they can't. Because I am sure that they can, but because they are not. Why? Almost all of the money that they make comes from selling you a phone. They are never going to give up the opportunity to sell you both a phone and a watch. Never. So don't buy the watch if you want. You'll still make Apple happy,because you will buy that phone.
At one point, much of their money came from selling you a Mac. At a later point, iPhone revenues started taking off. At a yet later point, neither a Mac nor a Windows PC were necessary any more to set up an iPhone. And yet later, hooking up an iPhone with a computer at all has become quite an atypical scenario.
The Watch may eventually take a similar road.