They're also going to have to figure out ways to keep third-party apps from undoing their hard work.
They're also going to have to figure out ways to keep third-party apps from undoing their hard work.
I'd say there is evidence for your argument; there is one company trying to play that game on the smartwatch industry: Pebble. Their watches can run for a much longer time than the competition because they took your approach: lean and basic. And they've been doing well, holding on against very strong contenders (Google, Asus, Samsung, LG).
My Android Wear watch (LG watch) typically runs for 1-2 days with a battery charge. I can get my Pebble running for even 17 days. It is very far from perfect, but for me is the minimum acceptable.
I doubt "order of magnitude" is going to happen barring some revolutionary display technology.