I'm very intrigued to see if Apple can pull it off...
It's incredibly hard to predict whether they will succeed or not (although after the fact most people will say what happened was incredibly obvious beforehand). They'll bomb or they'll take off.
Because I don't think they'd make it if it weren't worth making. Apple has never tried to create a new category when they didn't have something substantial to offer.
http://www.businessinsider.com/10-old-apple-products-that-to...
There was an interesting presentation that Tim Cook gave where he said that every product Apple currently sold being was on a single table in front of him at the presentation - can't find the link now.
That's what the excitement is all about, either pro-Apple people that want to see Apple creating another iPhone/iPad/iPod market, or anti-apple that want another Apple TV to finally prove that Apple could not recover from Steve Jobs death.
Best of all, unlike monads, this is a topic everybody can have an opinion about, that's weeks worth of traffic guaranteed. Apple announcement themselves are valuable product for the media.
There is a whole market of people that want apps for running, surfing, and other things that are nice to have in wearable form, but cumbersome to use in a phone form factor--assuming the phone is even waterproof.