There are wearable devices, and then there are wearable devices. Intel's most recently revealed project is definitely part of the latter category: it's a shirt laden with embedded sensors. A smart shirt isn't a new concept — in fact, it's one that Intel had talked about as recently as CES 2014. But at today at the Code/Conference, CEO Brian Krzanich revealed a prototype of Intel's shirt. Unsurprisingly, it's blue.
The shirts sensors are meant to track your heart rate, though presumably with as large of a canvas as a shirt, Intel could embed other sensors into the garment, and thus create other garments (connected briefs, anyone?). This is really only a reference design for Intel; they'd prefer to partner with clothing manufacturers to embed this technology into a wider range of shirts.
Computing is actually done by the shirt, or at least by an attached Intel Edison computer, a small development board that's about the size of two fingers. That computer, along with the battery, have been made to be removable for washing, and are stored in a small pocket on the shirt when in use. The shirt can communicate with your phone over Bluetooth, or the Edison board can use its own built-in Wi-Fi to connect directly to the internet and upload data to cloud services.
Intel has their own ideas about what you could use this kind of sensors+computer+connectivity for, but we're really more interested in what you would like to see out of sensor-laden clothing. Let us know in the comments!