Can Apple repeat what it did with the iPhone with an iWatch?

No... this is not the iWatch... it is just the old iPod Nano with a watch strap (Source: CoolMaterial.com)

No... this is not the iWatch... it is just the old iPod Nano with a watch strap (Source: CoolMaterial.com)

A lot of speculation, without many leaks have been going around int he mythical iWatch world. From John Gruber, refusing to call it an iWatch, but suggesting that it might have a square display (not a rectangular or circular) on his recent talk show episode, to many analysts reporting multiple pieces of information on this subject, the iWatch (let me call it that for simplicity) might be the next new category that Tim Cook has promised in 2014. With a bunch of so called "Smart watches" already announced, the category as a whole feels like a dud at present, with nothing impressive being offered by any company. Whatever it is... the hype and mystery surrounding this product feels almost like a dejavu of 2007, pre iPhone release. This article from Techpinions is one of the smartest articles on this category I have seen in a while comparing this situation with the iWatch to the situation with the iPhone in 2007. 

I come back to my sense that we’re in 2007 in smartphone terms (or 2010 in tablet terms, or 2001 in MP3 player terms). In each of those years, Apple entered the market with a new device which transformed the category and turned it from niche to mainstream in short order. In each case, existing devices were clunky, narrow in their appeal, performed poorly and failed to ignite consumer interest.
— Jan Dawson (Techpinions)