I think by saying what most "reasonable" people would consider new categories, Cook is saying that they are not going to be "absolute" new product categories, such as a wearable device. Rather, I believe that he is referring to a phablet or a refreshed AppleTV STB that has some new functionality such as gaming. Either of these would be interpreted by the media and analysts as "refreshes" or iterative changes to existing products, whereas Apple may consider them "new categories."
I could be wrong, but adding the "reasonable people" qualifier has me concerned. If they were going to introduce the wearable product(s) there would be no question whatsoever as to whether it was a new product category for Apple. TC is parsing his words here, which is OK. They can do very well with adding larger iPhones to the line and by adding some gaming capability to the AppleTV. Then, next year or whenvever the wearable products are fully baked, BOOM -- they roll out those.
Edited by ApplesWay - 2/7/14 at 6:43am