There's been a lot of media attention focused on the idea of an Apple iWatch lately. Given the nature of the stories, and the prominence of the new outlets fueling them, it feels like something is leaking, intentionally or otherwise. That said, unless and until Apple shows something new off on stage, it's impossible to predict exactly what they're going to do, and how they're going to position it. Before Steve Jobs held up the original iPhone, after all, many expected nothing more than an iPod classic with a click wheel. The same will likely prove true with an iWatch -- difficult to predict yet seemingly obvious in hindsight.
Yet for all their secrecy, Apple is a fairly consistent company. They don't make crap, and they don't release products that aren't carefully targeted. Everyone from irrational Wall Street analysts and investors to ennui-ed tech journos might already be playing out the holy grail, part 2, in their heads:
"A tiny-screen iPod with touch controls. A revolutionary smart watch. A breakthrough natural language communicator. An iPod, a watch, and a communicator. Are you getting it? This is one device...
"And we're calling it iWatch."
But what are the realities?