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Trust me: All sorts of low cost 3rd party watch bands will take care of these kinds of gimmicks. Watch bands with flashlights, utility tools, and all sorts of niche ideas will no doubt make their way into the market, with or without Apple's consent.
 
+1.

Not elegant at all.

Why would you want a flashlight from the crown when you could have the whole screen lit up by an app?

Because if you're wearing the watch on the left hand (traditional) it would project light directly forward, instead of having to hold your wrist in a weird direction to shine light.
 
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