I was initially thinking that it was just going to be an Apple branded knockoff of http://www.amazon.com/Nanotch-Protective-Wrist-Watch-Strap/d...

but it looks like they're intending to use the flexible screen tech that's been demo'd by Samsung recently

http://www.youtube.com/watch?feature=player_detailpage&v...

before the inevitable complaining about who innovated what first, I'd like to say that it looks like Samsung has the screen nailed down, but Apple is going to get the device concept figured out (which will then probably be launched off of by tons of companies not the least of which will be Samsung). I'd say Samsung's strategy might be "why waste R&D when you can get Apple to do it for you?" but it's obvious that this core tech is the result of unbelievable amounts of R&D dollars.