It says a lot that there's no more "Apple Watch Sport" collection: It's just Apple Watch, Series 1 or 2. The more expensive stainless-steel cases still exist, but they live alongside the cheaper aluminum models that have sold much better. And Apple all but exited the luxury market it aspired to when the watch was introduced. The insanely expensive solid-gold models have disappeared without a trace. You can still easily price a watch to more than $1,000; Apple's partnership with French fashion designer Hermès is ongoing, and there's that fancy new ceramic model that'll set you back a cool $1,250. But that's still a far cry from the $10,000 starting point for a solid gold watch.

Instead, Apple is making the watch more affordable. The Series 1 is cheaper than before ($269 and $299 for the 38mm and 42mm models, respectively), and Apple has upgraded its processor to match that in the Series 2. If you're not a swimmer and don't need rigorous GPS-assisted fitness tracking, the earlier model is a perfectly viable option -- that upgraded processor means it should last as long as the brand-new model.

The question now is whether targeting fitness- and health-tracking enthusiasts will be enough for the watch to be a significant part of Apple's business. A lot of fitness-tracker companies have struggled to find a foothold in the market, and there's a common perception that their products end up in a drawer, forgotten after a few months.

We still haven't heard concrete Apple Watch sales numbers, but the company says it is already the No. 2 watch retailer in the world (by revenue). The watch may not become Apple's next world-beating product, but this more-focused strategy will likely help it expand the market of potential buyers. And Apple's recent keynotes have made it clear that health is a companywide priority, which makes the watch a key part of its strategy going forward. At the least, Apple has firmly decided why the watch exists. It just took a couple of years to get there.