Let’s call it the iWear.
If you want to put a strap to it and wear it like a watch, go for it. Many folks have done it with the last generation iPod nano. Dorky looking but Apple didn’t stop you and won’t be stopping you from using iWear like a watch. Wanna wear it around your neck? Apple has don’t that before with the first generation Shuffle. Looks good too. Wanna clip it to your belt? Sure.
iWatch is too limited. That’s the whole point. iWear? I reckon it’ll spawn a whole new third party accessory industry unlike anything we have been before. Look for Kickstarter to get inundated with accessories and add-ons for iWear. Imagine a clip-on device for the iWear that monitors vitals or provide additional battery life. A GPS or pedometer unit for running from Nike for iWear.
Just so you know, this is my own speculation. But it makes a heck of a lot more sense than a watch. But it makes a heck of a lot more sense than a watch. And though it might be used as a watch, the idea of such a device being a GPS for your life pertains to iWear as well.