I agree the product is in polishing stage, improving existing ideas and features rather than introducing new ones. The focus internally is on the next leap for

I agree the product is in polishing stage, improving existing ideas and features rather than introducing new ones. The focus internally is on the next leap forward, presumably an AR device. If you go back and look at the iPod release history [1] between 2005 and 2007, (first iPhone released June '07) you can see a similar incremental improvements, specifically in software enhancements, improved form factor and longer battery life. I believe the difference between then and now is that the Watch and iPhone are production testing grounds for hardware that will be used in an AR product. In this way the new product is being developed in the open. [1] https://en.wikipedia.org/wiki/IPod_Classic https://en.wikipedia.org/wiki/IPod_Classic