The device, dubbed iTime in one of the illustrations, has been described as a “Wrist-worn electronic device and methods therefor [sic]”. Given that the iWatch moniker is one that has been given by the media, we guess it wouldn’t be a stretch of the imagination to think that Apple could be thinking of calling it something else.
Interestingly enough, the patent describes how the watch unit itself can be detached from the strap. In some ways this reminds us of the iPod nano which could be used to fit into a variety of different straps to change its look/style. However the straps themselves will be functional as well, as per the patent which suggests components such as GPS, wireless communication packages, haptic feedback mechanisms, and so on.
The patent also mentions how notifications can be received on the device, allowing users to attend to those notifications, such as messages or emails, directly from the device itself as opposed to having to take out their phone. Of course none of this actually confirms the existence of the iWatch, but assuming the patent does indeed contain some of Apple’s intentions, perhaps we won’t be surprised when some of the iWatch’s features have been announced, if and when that happens.