Update: The latest Apple iWatch rumors suggest the iPhone-compatible smartwatch will show up at September's iPhone 6 launch event.

Set your patently inferior, non-Apple smartwatch for September 9, the rumored date for the iPhone 6 launch event and quite possibly an Apple iWatch announcement.

The Cupertino company has hinted at "new product categories" for 2014 and, almost nine months, there haven't been any new developments from the hardware division.

That's why we're expecting the infamous Apple watch to be its next big "one more thing" surprise at the confirmed September event.

Cut to the chase
What is it? An iOS 8-friendly watch that plays nice with your iPhone
When is it out? Rumors say September 9
What will it cost? No one really knows

Apple's first wearable gadget could beam messages, simplified apps and Siri to our wrists, eliminating the all-too-common need to take out our devices to constantly check notifications.

It's going to become especially convenient to pocket the all-but-confirmed 4.7-inch and even bigger 5.5-inch iPhone 6 in your jeans, and always stow the next 9.7-inch iPad Air 2 in a bag later this year.

At the same time, iWatch leaks have pointed to Nike FuelBand SE-inspired fitness tracking and biometric sensors. Apple could possibly take more cues from the sneaker maker instead of its smartwatches rivals.

This is why the Apple iBand theory, which we talked about in the latest TechRadar Show, has never quite died out. Apple certainly set the stage for this and more with its Health app at WWDC 2014.

Release date

For a gadget that supposedly keeps the time, the iWatch release date rumors have been all over the place. It highlights the fact that no one outside of Apple has the full scoop.

The most recent reports suggest that iWatch will make its on-stage debut on September 9, the same day that Apple is expected to unveil a pair of larger iPhone 6 handsets.

Previous reports tilted toward an October launch with mass production thought to been started in the summer. But revealing the iPhone-compatible watch with the iPhones in September makes sense.

iWatch

iWatch would be right on time. Google's first Android Wear smartwatches just released care of the Samsung Gear Live, LG G Watch and September 4-bound Moto 360. None work with iPhones.

But at least one analyst believes that the Apple iWatch has been delayed to November with mass production beginning as late as September.

That's hardly enough time to manufacturer the targeted 10 million smartwatches that have been suggested for the iWatch launch window.

Rather than a delay into 2015, though, we suspect it'll mean a limited supply in this fall - just like that hard-to-find, buzz-generating gold iPhone 5S last year.

Price

An even trickier question than "when will it come out?" is "how much will the iWatch cost?" There's really no precedent for a premium smartwatch price just yet.

That notorious Apple tax could push the pricetag to $250 (AU$266) or even $300 (AU$320) given the rumored production difficulties and components involved.

UK prices could be even higher, north of £175 to £200, as Android Wear smartwatches haven't received a straight dollar-to-pound conversion either.

Apple has also recruited high-profile people throughout the watch and biometrics industries who have likely wound up on its iWatch team. That talent comes at a price.

Then there's a the hidden cost. While a subsidized iPhone 6 is cheaper upfront, stores make up the difference with contract kickbacks. Not so with a smartwatch. Stores need a cut too.

Apple iWatch
How much will it cost new in the box?

For the sake of comparison, Android Wear's cheaper options are the Samsung Gear Live at $200 (£170, AU$250) and LG G Watch at $230 (£160, AU$250).

But Apple's biggest and most stylish competition is from Motorola, and the Moto 360 price is likely to be $250 (about £146, AU$266, but again more likely £175 - £200, AU$275 given its rivals' prices).

Apple is thought to be aiming for luxury, but the final iWatch price may greatly depend on the display and specs that make it tick.