It's the Apple Watch Ultra, but with a '2' after the name. It's a great device with minor upgrades like a faster chip and a brighter screen, though not significantly noticeable in day-to-day usage.
The second iteration of the device has changed so little that it might not have deserved the 'stage' time at the iPhone event. The 'Double Tap' feature is touted but not yet enabled, and other tweaks are subtle.
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