If true - and rumours about Apple that appear in the New York Times and Wall Street Journal usually are - then the spirit of Steve Jobs has almost certainly left the building at 1 Infinite Loop Cupertino.
There is nothing new or innovative about wearable computers and the concept of such wristwatch devices is positively ancient. But the real issue is this - the market has no need of and is not demanding a smaller computer or communications device.
Back in 2006, the market was practically begging Apple to bring out a mobile smartphone. There were so many stories and rumours about it - including a patent drawing of the exact device - that when MacWorld 2007 came round, the audience was waiting in anticipation and applauded loudly when the announcement finally came Steve Jobs on stage.
There has been no such fervour concerning an iWatch. No-one has asked for it and the chances are no-one will care.
These days, everyone is carrying around the device the want in their pocket just like they do with their wallet. They no longer need their wrist watches or a calculator or a Game Boy or a Walkman or a camera and they certainly don't want to strap one on again.
Sorry Apple, you can certainly put the 100 workers you have on this project to better use elsewhere because in this case you're wasting your time.