But according to people here every Apple product has ridiculously high margins. The numbers are there for everyone to see in Apple's financials. Based on their last quarterly filing gross margin was 39.6% and profit margin was 21.5%.
According to an industrial designer who's written about Apple's manufacturing processes before, the chemists he spoke to were baffled that Apple is using fluroelastomer as it's very expensive.
As for copying Ikepod: You do know that Ikepod was founded by Marc Newson right? He didn't copy Ikepod's design - he was the one who designed the Ikepod watches and straps.
And re: sport bands. They are not standard rubber. They are flouroelastimer.