As a watch is also jewelry, I see Apple making a round watch next in the offering although the space usage is less efficient. Not that I would want one, the current design has more accessories to change the look than any other model in the world and I'm 100% satisfied with the current physical design.
watch2 wish list:
completely water proof to 300meters
built in front facing camera for facetime calls
solar recharging
Add the above will compel me to buy the new model with those features.