Recent reports on the iWatch suggests that the latest product from Apple won't be an accessory for their phone, but rather a phone of its own. Sources from Inside Apple quotes:
'the Samsung Galaxy Gear is an accessory for your phone and essentially is exactly the same. Why would we create a device just to because your to lazy to pull your phone from your pocket, its ludicrous!'
This suggests that we may be seeing a wrist band that is as well a phone. The source also says it would be used more as a communications device rather than a multimedia player or gaming device, which I believe we already knew. Many mock-ups and concepts of the new iWatch have been released, making the public curious as to the final design of this device. However, the million dollar question seems to be when will it be announced, and how much will it cost?