It doesn't look like it has a decent blade, which is arguably the most useful thing one could carry around (aside from a pen, which the Tread also does not have).

This isn't my problem, but I've heard from people with hairy arms that metal banded watches are a nightmare because the links are constantly tearing out hairs. This could present the same problem.

Being a Leatherman product, it's probably going to be overpriced just for the basic links. Adding the watchface to make it somewhat usable all the time will probably push that price right into the stratosphere.

I'd like to take a closer look at it, but from what I see in their video, I would say pass.