This might bet the point at which Apple without Jobs falters.
Well a few responses....
1. If you look at Apple's stock price, revenue, and profit since Cook took over, Apple clearly hasn't "faltered".
2. Even before the iPhone came out, the phone market was clearly the largest consumer tech category. In other words, there is no conceivable electronic market that is going to be larger than the phone market in the foreseeable future. The watch couldn't hope to be as larger as the iPhone market.
3. The watch doesn't need third party apps to be useful. For instance, I am thinking about buying one just to replace my old Garmin GPS watch when I'm running -- yes I know it doesn't have GPS built in. When I run I have my phone on an armband anyway and my watch. I tried using the Nike+ GPS and it works well enough, but trying to look at the phone screen on an armband is not nearly as convenient as looking on my arm.
For another take:
http://sixcolors.com/link/2015...