Tom's Hardware is reporting that a 'Microsoft Smartband' will come this October with 11 sensors, open APIs and cross-platform compatibility. They also state that the display will be on the underside of the band.
An October release date isn't too far-fetched at all, and it's something we've heard ourselves. We also know that the smartwatch (or smartband) will come with a variety of sensors. Because to release one without would be utterly insane.
The folks at Tom's Hardware are also reporting that the cross-platform compatibility means you'll be able to buy this device and use it with Windows Phone, iOS or Android. Which would actually be a really good move for Microsoft and one that would help differentiate against competitors. Consumers would be more likely to be a smartwatch if it didn't lock them into one ecosystem.