So what's a fair valuation right now and why doesn't Apple have something like this already?

Torn between buying now or waiting to see if things slow down.
I'm not sure how much news we'll get between here and christmas (enlighten me if there is, it's entirely possible i've missed something) and it feels like the expected sales of around 25,000 units, while being extremely good for this first year, are already priced in at a $60m market cap. 
My understanding is that revenues on ~25,000 units would be around $5m, plus the on-going subscription. Does that seem about right to the long-termers here? 

If they do manage to pull off 25,000 units this year, then the $60m market cap right now would be a good buy IMO with the possibility of more overseas companies picking up the product, getting more exposure and awareness!
However that brings me to my only real concerns with this:

Why hasn't Apple done it already? 
&
What if Apple do it to the existing Apple Watch?

I'll leave you guys here with a picture I took today outside the JBHIFI store at Westfield Fountain Gate, VIC



First thing I saw when I walked up to the store!