Watch for Apple never to release such a product.
"What happened to iWatch?"
Stock tanks.
There never was going to be an iWatch.
What's your justification? Apple have just hired a vast array of professionals in the wearable and especially watches field. iOS 8 introduces a new service called HealthKit, which almost certainly points to the introduction of a health orientated wearable device.
Apple has also filed a ton of patents in recent years which focus on a wrist worn device. One of them is labeled iTime, however, Apple has the right of the name iWatch in several countries and recently has started trademarking the name in more countries. The name of the device, obviously remains uncertain.
As for part leaks, there are never any part leaks of a newborn product. Take the iPad and iPhone for example. There were never any leaked parts from factories, however people still speculated the product for other reasons, like what we have seen currently with the iWatch (or whatever it get's called).
I think Apple could announce the product on September 9th before a launch several months later- as they did similar with the iPhone and iPad. The iPhone was announced 6 months before it's launch, which allowed for minimal speculation of the product.
So, don't be surprised when you see an Apple wearable popup at an Apple keynote sometime this year.