From their FAQ, emphasis mine:

You shouldn’t get one if…

You need a perfectly polished smartwatch. This project is a labour of love rather than a startup trying to sell millions of watches. There may be some rough edges (literally). Things will get delayed. Some features will not be ready at launch. Things could break. Things could not last as long as you’d like. The only thing we can guarantee is that it will be awesome and a lot of fun! Every time you look down at your watch, you will smile

So yeah, I’d say your take is pretty accurate. At least they’re honest lol