It's called the Apple Watch, it looks like a luxurious synthesis of technology and traditional timepiece craftsmanship, and it uses a "digital crown" to navigate through lists and zoom in on data. Apple finally announced its long-awaited smartwatch on Tuesday, and, boom, just like that, the center of gravity of the shaky wearables market has shifted in a seismic reset.

The new Apple "this changes everything" device starts at $350, and will be available early next year. And the kicker for fence sitters? Apple Watch supports the new Apple Pay system, so you can quickly by items from retailers ranging from Bloomingdales to Staples with a flick of your wrist.

Apple Watch will come in three different models--from a baseline version to an ultra-luxe 18K gold model--and six different bands will allow a wide degree of personal customization. "Taptic" feedback buzzes your wrist for iPhone notifications, and can even send signals to turn left or right in the watch's navigation app. And, yes, this gadget requires an iPhone to work.

Read our Apple Watch review