I still don't feel that Apple's next big move will be wearables. I think it's going to be something you can use in your living room, likely with games. Maybe iOS devices as game controllers.
Why is everyone so certain the iWatch is happening? Maybe I've been out of the loop but I haven't seen a confirmed, legitimate statement from Apple about it and I really don't see why Apple would release one. Watches aren't as common, the screen size leaves little utility and you've probably got your phone nearby anyways.
Happy to be totally wrong but I think a living room play makes more sense than a wrist play.