I've owned GRMN in the past and I'd guess that margins are pretty good on these watches given that they have no competition. Nike makes a GPS watch but it's considered a joke in the running community.
This device is at least 1/2 inch thick so there may be room for more than you think in there.
Garmin also makes GPS devices for hiking which is also an enthusiast market and, of course, they make aftermarket and in-car navigation systems. My guess is that they sell a ton of the auto navigation systems.
With Intel going to smaller and smaller process nodes, perhaps more and more functionality could be packed into watches. I'd love to have a watch that could do the GPS stuff, take pictures, play music, be a calendar and do email too.
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