I would LOVE to find out this whole iWatch thing is a huge fakeout from Apple to get the competition distracted.

It would be even funnier if competitions tart working on it and suddenly create a market for the device, even if it's small.

Well there's no doubt that people want some kind of wearable extension of their phones. The Pebble kickstarter showed that.

Which is all well and good; there's a market for hideous stuffed animals with human teeth [1], but that's not an argument for Apple (or Samsung, or Google) to get into it. Basically, it seems really out of character for Apple to do this sort of thing. To be honest, I would expect a Google Glass sort of ubiquitous computer before a "smartwatch"; at least the former has the potential to turn into another pillar for Apple.

[1] http://www.etsy.com/shop/cathairandteeth -- I have one and it's awesome

Yes, that was the second sentence I forgot to type. There's some need, but probably not one that Apple deems large enough to necessitate a new product category.

It just reeks of stupid to me.

Yes, considering the iPod touch easily turns into a wristwatch.