Apple might be getting overly hung up on the iWatch as a product, but really its already delivered most of what it needed to in the last generation iPod Nano.
That Nano is an interesting product. My suspicion is that the radically different form factor was chosen specifically to test the ground for an Apple watch. And on that basis it was a phenomenal success. The reversion back to the standard Nano form factor earlier this year pretty much confirmed that Apple was going to build a watch - why else the radical volte face on the Nano design?
To deliver the iWatch Apple doesn't have to change that Nano design radically. Add more traditional watch band mounts, low energy Bluetooth 4 for connectivity to your iPhone for alerts and a set of Bluetooth earbuds for use as a music player. If they can squeeze in some of the technology which supports Fitbit or Fuelband even better.
The last change would be a switch to an AMOLED display, to allow the watch face to be displayed at all times without killing the battery - something that's an absolute must on a watch.
Looks don't need to change at all - chunky watches are popular right now and the Nano sat comfortably in that space. The better integration of the watch band should reduce the depth sufficiently without having to significantly drop case depth - important if a lot of technology is going to be squeezed in here.
Its a question of ambition here. Do Apple want to be challenging the likes of Omega and TAG-Heuer for lower volume top end sales or are they keen to occupy the middle ground and possibly sell bucket-loads in the Swatch space?
At the right price and without being over ambitious Apple could disrupt the watch market. Further delay is just allowing the competition more time to catch up.
Apple its time to deliver.