I agree using your watch is cool. However I think you lose out on the security aspect, an important element that a fingerprint provides all on the same device.
Can you clarify what you mean by this? I love the idea of unlocking and running admin stuff with my watch but kinda gave up on the idea because I assumed there would be security implications. After thinking about it a little more, though, I haven't really been able to come up with anything that didn't already require physical access to my machine and some way to authenticate (password or fingerprint). Since you have to authenticate your device to authenticate the watch and it un-authenticates any time it's removed, it seems like you don't lose anything security-wise.
I think this isn’t a great UX for other reasons I posted on this discussion. But the security is acceptable to me.