Completely agree with Bored@Work. The list of flaws in this project is quite extensive. I mean come on, just look at the list of functionalities... It's fine to be supportive of an innovative idea, that's how progress is made, but don't be naive either
I'll give you my opinion on my field of expertise, RF: They want to put, in that small bracelet, BT/NFC/RFID/GSM/3G/LTE. Well, that's not gonna happen. We already have trouble putting all of that in a bulky 5" phone, let alone in a bracelet 3mm high. And I won't talk about compliance with EMC regulations...
And the patent thing is really irritating because all similar projects claim the same thing, yet they NEVER show anything : They filed awesome patents, but don't want to show it. Alright. But you're not allowed to file a patent on an idea, you actually need a prototype for that. So where is it?