As you can see in the video, the screen doesn't work too well, which is to be expected for a first-gen prototype. SnapWatch is planning to use an epaper screen in the production model, possibly one from E-ink or Plastic Logic.
Or perhaps I should say production models, because SnapWatch has their sights on more than just the smartwatch market. They are looking to adapt their tech to more market, including (just to name one example) medical bracelets.
With all of the electronics at one end of the band, it wouldn't be too difficult to replace the smartwatch guts with medical monitoring equipment and a tracking device. That would make this a handy little tool for emergency rooms or other medical facilities. They could be slapped on the wrist of new patients in place of the existing plastic ID bracelets and serve a dual purpose of ID and providing useful data to the doctors.
I'm still not sold on the idea (the prototype still looks too clunky) but this concept is proving to have more possible uses than your average smartwatch, most of which are limited to fitness or being a smartwatch accessory.