Apple has finally unveiled its much talked about smart watch. Apple is well versed in wowing its followers during its legendary product launches. The first big surprise with the new timepiece came with its name. The company has deviated from its previous naming convention and ditched the "i" prefix. Many thought CEO Tim Cook would show us the iWatch but instead he announced the coming of the Apple Watch. The device has a new interface, it runs apps, and acts as a health and fitness tracker. It also has a digital payment system called "Apple Pay," which Tim Cook hopes will "replace the wallet". Users can also experiment with eleven different watch faces and, for the fashion conscious, an array of straps. Reviews of the Apple Watch have been mixed. Tim Coulling, senior analyst at research firm Canalys, believes the watch could be the catalyst for people to start wearing technology. He said: "For many people, waiting to see what Apple did was a first step before going out to buy a wearable technology product." Many people could be put off by the price. At $349, it is considerably more expensive than its more established rivals. But then, millions of loyal customers have always paid the premium for an Apple product. Apple could trump its rivals on the grounds of its watch being a must-have fashion accessory. Apple hired fashion industry bigwigs, including the ex-SEO of Burberry, to work on the watch's design.