My money is on it just not existing at the moment. Doesn't make much sense to stagger release dates for two diff but similar phone models.
The iwatch doesn't need to go into production yet since it's a new product launch, much like what we saw with the ipad when it was first announced. Announce the product, build demand and then launch.
Mine too. Remember around this time last year we had leaked parts of the 5s and the 5c, especially the 5c. 5.5 does not exist, and like you said, iWatch will be announced months before launch to build hype and block prospects for competition