All of those things you've named are software, software that enhances existing hardware products. And while you've mentioned the Apple TV as a hobby, there's no question in my mind that if it worked, once the pieces were in place, it could generate significant revenue.
The response to this iWatch objection is that people will suddenly start wearing iWatches when they wouldn't wear a different watch. I don't think this is the case. I'm very skeptical that Apple would enter such a market unless they had a strong belief that it would add at least $25 billion in annual revenue or so. It doesn't seem like a good return otherwise.
I'd much rather they buy Tesla and see what they can do to the car industry.