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Well, they could make the 45 mm and 41mm version to look like the ultra. Realistically there isn't much "competition" for apple to seriously "fight" for market dominance.
 
They could find ways to make the case to be thinner in profile while maintaining the 18 hours all-day battery life. I think the bezels have been reduced enough since Series 7 and it might not be able to go slimmer.
 
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