You miss the point that this first and foremost HAS to pass muster as a fashion item. Sorry geeks, but if this has every great feature on everyone's dream list, but looks like ass, it will fail. On the other hand, if it only does 2 or 3 things really well AND looks amazing, (but is capable of growing in functionality) it could be a hit.
The iPhone was really short of features when it launched, but did what it did well and looked cool.
But I REALLY hope they go with round. I've never seen a square watch that anyone with any self respect would wear in public.
I agree, and I'll take this idea a bit further.
Despite making a Amazing looking watch that does a few major things really well in an Apple kinda way, it will still be hard to be a hit as did the iPhone. And its is because the designs we're seeing are falling prey to the idea that it has to be a "fashionable" watch in the conventional sense. Fashion is a whole new can of worms, a Pandora box that I believe Apple should not open.
A watch is different from a phone. The perception of a phone started out as a necessity home appliance. Adding style to that with the great ease of use (iphone 2007) was a great hit to the masses. The Nest is another great example.
However, the perception and "need" for a watch is different. Even if Apple collaborated with the likes of Rolex or even higher end watch makers would it appeal to every age, gender, fashion sense the way the iPhone does? Would everyone want to be wearing a watch that everyone else is wearing? In fact, some may not mind. But that's precisely the point, the perception and need of a fashion item differs greatly among different groups of people.
Although the watch is not quite like buying clothes, it definitely is more of a fashion item than a phone is.
IMO, Apple will either have to approach this like every other watch manufacture by designing "many" different designs (does not quite match the DNA of Apple). Or, forget the idea of a watch in the tradition/conventional sense. And doing this either requires Apple somehow coming up with a wearable device in a completely new sense, or approach it like a fitness band.