We still expect to see the material employed by Apple for the “secret project” which would have to be the Apple iWatch. And while Cook did say that the company is working on new products, he did say that it was important to maintain a high level of secrecy. Otherwise, the competition would know Apple's roadmap. The CEO says that Apple is “getting ripped off left, right and sideways.”
Well I also believe that Apple is working on a Smartwatch that probably will be called the iWatch, and it will of course have the cool new co-processor called M7 for fitness and health reporting, that the iPhone 5S has. It will be tightly connected to the iPhone, but I believe it also will be able to be used offline on it's own, and then sync with the iPhone later.