Beyond a ceramic case, what else would there be to merit a Series 5 release? More storage? A processor bump? The Series 4 seems to already hit the sweet spot.
- Obviously faster CPU, that keeps allowing Apple to throw more functionality at it.
- A low power "tiny" CPU to reduce power consumption. The main CPU (Zephyr in S4) is OoO 3-wide, a respectable CPU. A 2-wide in-order core would be reasonable low-power companion.
- At some point there's going to be a full Apple WiFi stack (right now the W3 is just Bluetooth and a subset of 2.4GHz non-MIMO WiFi 5). Presumably that Apple WiFi chip will also be part of the W4 radio for the S5.
With WiFi6 as the hot new thing, this may be the year for the Apple-designed full WiFi stack?
- Why better WiFi? At some point the aWatch can start to take over functionality that you might prefer to do on a phone, but your phone isn't available. Maybe act as a cell hotspot for your laptop? Maybe play stored videos to an aTV or a Chromebox? (Sure these take power, so maybe only practical on the charger --- but occasionally useful.)
- Better NPU. Again you say why? Because language processing is exploding, with quality that is becoming unbelievable. The more of that that can run on the watch, the more useful. eg Watch performs realtime audio translation for Airpods?
- One obvious missing health sensor is UV. UV sensors on watch and Airpods should give most people good enough coverage regardless of clothing.
- Another sensor that would be helpful would be temperature. Or two temperatures! One for body temp, can track things like sleeping and unusual changes (fever), the other for ambient temp.
- Really useful would be to have a laser, for things like pointing or creating a plumb line.
- Likewise for a compass.
These are ordered more or less in order of usefulness (to me!) And I'm sure we won't get them all. But the point aWatch is not a "fancy watch" it is a wrist computer. As such, it grows in functionality like any computer.
At some point (not this year!) Apple will conclude enough people get the point, that wrist computers are useful, that they can stop pretending it's just a watch (like the iPhone 5S was the last iPhone that pretended it was just a really good cell phone, and the 6 embraced being a computer, including the larger screen).
At that point (so 4 more generations out?) Apple may switch to an ever large screen (maybe no longer square but stretching out a little along the wrist)? Or maybe they will link two watches together, so you can wear one on each wrist, but they operate usefully together, like unlocking one unlocks both, and they co-ordinate over who records health, provides notifications, and so on...
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I waited until the Series 4 before I bought my first Apple Watch, waiting for the design to improve and a major feature like EKG to come along. Have no need to upgrade. Next game changer will be blood sugar measurement without pricking the skin. Will probably wait 4-5 years before I upgrade. Same deal with my iphones; always wait 4 years before I upgrade. Learned the hard way never rush in on Apple early tech as Apple withholds features to entice upgrades.
Blood sugar without skin prick has been demoed by Princeton (using quantum cascade lasers) a few years ago.
But commercialization has been tough because QCLs are expensive ($thousands each) and no-one has yet much effort in miniaturizing the whole device (the actual QCL is about the size of a grain of rice, but then there is packaging and optics around it, then a large power supply and driver board).
Some people have experimented with doing what the QCL does using two or more telco lasers (not ideal wavelengths, but MUCH cheaper, and much smaller packaging). That seemed promising, but I'm unaware of any work that's definitely said "yeah, we've been successful".
Bottom line -- lots of people know it's wanted, lots of people working on it in many ways. But it's a hard problem with many pieces that need to be figured out.