Apple's Watch is designed to be both fashionable and functional.
FCC iPad Images Reveal Broadcom Chip, Apple A4, Toshiba Flash Memory
A closer look at the FCC images reveal that the obscured chip parts were actually blacked out with a layer embedded in the PDF. A quick manipulation reveals the actual underlying chips that had been covered for "confidentiality".
Unsurprisingly, the main processor is an Apple A4, but the new images reveal that Apple is using Toshiba Flash memory and a Broadcom BCM5973 chip. iFixit is doing a full analysis of the newly revealed images. Perhaps the main point of interest is that the battery is not soldered in place.