A good summary, I agree all around except with respect to battery life, I've had none of the problems anyone is talking about...but if I had to guess, I bet it corresponds to the amount of notifications you get and how much you're playing with the thing.
I've been able to get some of the apps to worth, but there is clearly still some slight hacking needed, which makes the whole thing more of a project than a product to me.
That being said, I commend their efforts in getting the technology out there after years of talking about smart watches, especially on an open platform for developers.
I'll continue to support it, use it, and hack on it, but is it the ipod of mp3 players for watches? Probably not, but I'm tired of waiting around for the big boys. Stop suing each other over patents and innovate for gods sake.