On the face of it, Apple's watch appears to check the same boxes: existing market segment, new category for Apple, trademark design innovation.

There's one very big difference though.

Non-Apple users need not apply! The iPod and iPhone were standalone gadgets that did not need you to own an Apple product, to work. You did need to connect the iPod to a computer to load music, but not necessarily an Apple. That's how the company opened up a new market, with new customers who didn't have an Apple.

Not so for the Apple Watch. It works only with an iPhone, and not just any old model, but the current iPhone 5, and the next one that's launching Sep 19 in the US and Oct 17 in India, the iPhone 6.

Can you use an Apple Watch without an iPhone? Intermittently, perhaps, but for many features, it needs an iPhone around-including for GPS. That's a surprise, given how many wearable devices are already available with GPS. So if you're going jogging, you'll need to lug your iPhone 5 if you want to use those capabilities.

Let's look at the competition: Even those who have watches linked to their smartphones let you use them largely independently. Samsung's Gear S has GPS and a 3G internet connection. The rather stunning Moto 360 lets you sync with many Android handsets. There's even a Spice-branded dual-SIM watch in India -- at under 4,000.

Okay, forget the competition. Apple had an opportunity to reach out to the billions who don't use Apple. It missed it on two counts: The requirement for an iPhone. And the price tag.

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