They are attempting to copy the aesthetic simplicity of Apple. Like Apple, the actual device specs leave a lot to be desired. A maximal speed of 12.5 mph is embarrassing and leaves out faster runners or those wishing to knock out a few decent intervals.
The long-term price is actually much higher than stated, considering they function on a subscription-based model.
This is an elegant-looking peace of cheap junk. I love the added touch of a stretchy rope and a couple of light dumbbells. The gall on these folks!