How about flattening it, discarding the strap and rolling out the iPhone Mini? I've read wayyyyyy to many posts from people griping about 4" before Apple went 4" and then 4.7" and 5.5" by saying "I want a smaller phone" and so- to me anyway- this looks like what they want: a tiny iPhone 6 mini. It just needs to be flattened out (not curved) and then see if all that griping actually would lead to sales (though I suspect even that crowd will just jump on those bigger-screened iPhones spinning "best iPhone ever" and "shut up and take my money" as soon as Apple rolls them out).
As a watch, I just don't see it. But I don't see any singular design flying well as an iWatch. Watches have 100+ years of widely varied design history. They are jewelry- often the only piece of jewelry that men actually care about. Men & woman have long-term experience with the variety of designs, shapes, sizes, strap types, colors, materials, etc. It's hard to picture a single design- even the best that Ive could possibly do- being able to make the masses give up that variety. If they do, I predict the iUniform is next. You will comply.