The Apple Watch doesn't inspire much confidence in Apple's future products. And I'm not talking about iPhones and iPads and Macs here. Those are "easy". But Apple Watch, Apple Car, Apple VR and whatever else they might want to launch in the future - I doubt they will be "Jobs-quality". And by that I don't just mean whether or not they will use premium materials. But whether the "product" package makes sense or works as well as it should.
I don't think there are many mass-market products out there left to be created that don't involve insane amounts of hard science R&D. By that I mean products that are so flexible as to be universally useful (i.e. the smartphone). Any revolutionary consumer product at this point is going to require a civilization-level scientific breakthrough.
I think what we have now in tech in general is a long tail of products catering to different use cases. The Apple Watch is one of those -- and it's not for everyone. Apple realizes that, which is why their sales targets for the watch were pretty low by Apple standards. Will Apple sell 100 million watches? Probably not. You see this in a bunch of other areas as well; IoT, virtual reality, etc. None of the use cases is universal enough to rise to the level of a smartphone; but there's a big enough market to support innovation.
