Perhaps, but according to a post by The New York Times (via 9to5Mac), Apple has bigger ambitions than that. The report basically profiled the existing wearables market and they had an interesting quote that was allegedly made by Apple’s Jony Ive that was relayed by another Apple designer.
According to The New York Times, “According to a designer who works at Apple, Jonathan Ive, Apple’s design chief, in bragging about how cool he thought the iWatch was shaping up to be, gleefully said Switzerland is in trouble — though he chose a much bolder term for “trouble” to express how he thought the watchmaking nation might be in a tough predicament when Apple’s watch comes out.”
Assuming that this quote is true and it really did come from Ive, not only does it confirm the existence of the iWatch, but it also seems to demonstrate Apple’s confidence in their upcoming wearable. Of course it remains to be seen if this confidence is justified, but given Apple’s history, what do you think their chances are you?