You KNOW it's coming. With Angela onboard, that's a given. Hell, Burberry has an Apple Music channel, for God knows what reason. Burberry, Coach, LV... I can, at the very least, see band collections coming - if not the entire package.
Movado and Omega are two of the watches I wear; thinking about it, an Omega-inspired version would be interesting - but ultimately pointless. Same for a Rolex, etc. The Simple face, with no details or complications, is pretty close to my favorite Movado as well.
Here's some of the Burberry watches you can look forward to:



I absolutely agree with you that there's going to be very little interest from the major watch makers in co-branding opportunities. The primarily design movements, and cases, bracelets and bands are not their primary area of expertise, so it makes little sense for them to sell a "Rolex" link bracelet with a matching watch face, especially since it would likely require skueomorph textures to convey the designs, which Jony Ive is absolutely opposed to -- at least until Karl Lagerfeld deems it stylish. Indeed, it's too bad Hermes didn't design their own custom lugs for the Watch, to at least impart some of their design expertise into the watch case itself. As it is, the Hermes bands attach in exactly the same way as they would any other watch. Really boring, yet they get their name etched into the watch case for which they gave absolutely no input.