According to Bloomberg Apple iWatch may launch as soon as this year and is expected to run on iOS. Verge has also confirmed this and according to their sources, Jony Ive is personally leading the iWatch team with 100 engineers.
Last generation iPod Nano is already being used as a watch with different watch straps available in the market but it does not run on full version of iOS. According to some other reports, the design team is still working on battery life issues.
According to the sources the battery of iWatch lasts just couple of days and the team working on this watch would rather like to have at least 4 to 5 days of battery life. The report from Bloomberg also states that the iWatch won’t be just an ordinary watch but it will compete with devices like Nike FuelBand and other sensors for health data.
During third week of February there were reports that Apple was busy making a watch like device made out of curved glass following which there were reports of Apple securing a patent for such a device. The string of reports make it more or less a sure thing Apple is indeed busy working on iWatch.