According to Bloomberg, Apple Inc. has a team of about 100 product designers working on a wristwatch-like device that may perform some of the tasks now handled by the iPhone and iPad.

“The iWatch will fill a gaping hole in the Apple ecosystem,” Bruce Tognazzini, a technology consultant and former Apple employee, wrote in a blog post last week. “Like other breakthrough Apple products, its value will be underestimated at launch, then grow to have a profound impact on our lives and Apple’s fortunes.”