Here's everything we know about the iWatch, Apple's next major product

Apple will reportedly release a new wearable computing device this year.
It will be Apple's first major new product in an entirely new product category since it released the iPad in 2010. In the four years since the iPad launched, a lot has changed for Apple.

With Steve Jobs dead, this new gadget will be Apple's first opportunity to show that it can flourish without its visionary founder. As former Apple ad man Ken Segal put it, the release of this product will be new CEO Tim Cook's chance to etch his name in history.

Of course, the flip side of that is that if this product is a flop, then Apple skeptics will be out in force, saying the company is toast without Jobs.

A lot of companies have tried to introduce smart watches recently - Samsung, Motorola, LG - and yet none have really gained any traction.

Will Apple be different? Or will this be the first major flop from Apple since Jobs returned to the company in the late nineties?

Ahead of Apple's announcement, here's everything we know - or think we know - about what Apple is planning.

What will it be called? Everyone is saying "iWatch" which sounds likely. Apple has trademarked "iWatch" in five countries. There's also talk that it could be called the "iBand," which also makes sense if it's just a wearable fitness device.

We expect it to run on a modified version of iOS, Apple's mobile operating system.

It will have a 2.5-inch rectangular screen. Or maybe it will be round.

Apple is reportedly planning multiple models of the iWatch, presumably for men and women. Current smart watches are one size fits all, and they tend to look silly on slender wrists.

What exactly will it do? The iWatch will supposedly be very fitness oriented. It will track steps taken, hydration levels, sweat, and heart rate. It will probably also tie with the iPhone to deliver notifications and updates.

A recent report also says it will be able to do mobile payments, so you might be able to buy stuff with a wave of your hand.

It's going to be loaded with sensors to track your movement. The WSJ said the iWatch "will include more than 10 sensors including ones to track health and fitness."

Apple reportedly has athletes like Kobe Bryant testing the iWatch now for fitness purposes.

Apple has been poaching all sorts of fashion and luxury brand people for the iWatch, so it should be stylish.

It also went on a hiring spree to get medical experts.

How much will it cost? Apple has kicked around a $400 price tag for one of the models, though there may be multiple price points depending on which device you buy.

How many can Apple sell? Apple will reportedly manufacture 3-5 million per month initially.

Apple will announce the iWatch on September 9, but it won't go on sale until early in 2015.

Apple might already have people wearing the iWatch out and about right now. This was a tweet from someone in Cupertino, where Apple's HQ is located.