iWatch Launch Set for 2014?

According to the Financial Times, Apple is in the process of hiring “aggressively” for the iWatch project. Yes, all sign are pointing towards a wearable Apple device. Unfortunately, according to teh report it is more than a year away. I have been hearing about iWatch for at least 6-months. It seems strange that it would take Apple so long to produce a wearable device, especially because of the competition they face in other areas. Small companies like Pebble are selling wearable mobile  phone companion watches - that sync with the iPhone or Andriod phones. The quick success of Pebble
illustrates that there is a market for wearable mobile devices. Apple's design reputation is second to none - but it is unusual to see them arrive late to the party --- they usually create the device category.
As a sidebar, I really hope that I can get an iWatch from Rolex., yes an iRolex!