That's... a really good idea. Just reading over the article I was trying to find some issue with the Chronos, and I really can't. Half the utility of my pebble is it vibrates when I get a notification, which is really all you need. The LED aspect of it seems like a good solution for it's lack of screen.
The only issue I can see with the device isnt actually related to the device- it looks like it depends on proprietary standards, meaning it needs its own apps and hooks.If noone wants to support another smartwatch in their app, this is dead before it hits the water.