Analyzing the rumors and speculation around Apple's rumored entry into the wearable computing appliance category
iWatch is the name colloquially assigned to Apple's unannounced, still in-development wearable computing device. The project is reportedly moving forward, and 2014 has been speculated as the release date, but nothing is official until Apple announces it up on the keynote stage.
If Apple does go with the name iWatch, the device itself will probably only be a watch to the extent the iPhone is a phone — it'll have a clock button on it. Other rumored functionality include extensive health and fitness functionality, potentially including blood sugar, hydration, heart-rate, and other monitors built in, as well as integration with a rumored iOS 8 app called Healthbook running on iPhone 6 and similar hardware.
Notification and Control Center integration is also possible, with a low-energy Bluetooth 4.0 connection serving as the relay.