[Other SmartWatches] Apokriphos:
Thanks again for the ROM Parcaetron. It's unfortunate your experience with the Inwatch Z hasn't been a good one. Let me see if I can help you-

For the bluetooth disconnection issue: did you try experimenting with clearing the cache and then reset? https://www.youtube.com/watch?v=C1N6UUsopEM Several other websites seem to support this.

Re your phones tethering capability: Have you tried https://code.google.com/p/android-wifi-tether/ on your phone? The phone I pair my Inwatch Z with a custom rom is the Verizon S4, and it has no problems with hotspot or bluetooth data tethering - roms enable the native from TouchWiz. However, I typically run my connection to the watch through SWapps, with limits data transfer through bluetooth. I did download an app to directly activate bluetooth tethering as a widget should I feel the need (tested and works, also under settings in Bluetooth in 4.4.2 (my S4's Android version) - check the play store), but my S4, as mentioned, can tether wifi when I need it for the watch. Not ideal with Z (when compared to Android Wear native tether), but it works fine.

Android Version Improvements 4.2.2 - 4.4.2:

Based on this chart http://socialcompare.com/en/comparison/android-versions-comparison there looks like a few decent improvements listed. Enabling of BT4.0, Improved performance and memory usage are chief among them. Ideally you will be able to fix the bluetooth disconnect issue and see even more improved battery life.

Watch Optimization: I will be making a new thread for this topic later probably, so we can get feedback from the rest of the XDA smartwatch users. Basically, as Perpe and others have suggested, the processor in the Z is way too fast for what we need it for. The hotplug governor steps up the speed unnecessarily, and seems to hover around 1ghz passively (I checked for a day with CPU Spy) when I keep SWapps (and nothing else) open, during work.

My quick solution: Download Trickster MOD (I tried others, this one actually works with Z), and change the maximum processor speed in general to 598. Min 598, Max 598, keep governor the same. I tried powersave, but it doesn't work as it should - instead moving speed to max instead of holding it at min. I also tried CPU Sleeper (v3.7) before downclocking, as I noticed neither cpu would sleep - ever - even when I was doing nothing with the watch. I have it deactivated currently (the script from it would be great when paired with always on mode - as always on keeps both processors on - annoying!), but still see the same gains.

Real World Results: With Bluetooth always on, Shake (expert mode), SWApps, Twilight, Clean Master, Battery Doctor, Trickster, Google Play and Open Mic+, all running, unbelievably I get approx 2-3 24 hour days of battery life on my Z.

Settings:

Screen Display Brightness: 10%. Analog Engersoll Watchface enabled on SWApps. I get approx. 10 texts and around 15 calls a day, and probably wake watch (shake app - 15 second sleep) or mess with it for at least 5 minutes every hour.

When I first downclocked it, I expected a modest gain, but not this. Before but with same settings and active apps, I barely made it through a typical work day - 8am-6pm, a little under what you get currently. In fact, Battery Doctor gave me an unusual warning when I had left the watch alone for a while (This app is using too much power during sleep!!!) - and when I checked it had the SWApp taking up 80% of battery life. Since I changed the processor speed - it only takes up 35% of the total battery in addition to the battery gains by less processing speed - worth it by far considering my use of it. Try this fix, and let me know.

Points of Failure in the Z: The charging clip, as you mentioned, is a big point of failure. Plastic stresses easily and since it has to grip the band, it can get dirty by proximity, costing you another 28$ and shipping for another. Requires some care. The Band itself is another point, since the antennae, speakers, and camera are all there. Luckily it seems pretty durable, but I hope future models make it a replaceable part.

I would love to hear from Lokifish as well. I left a few messages in his G+ account, when he says something interesting.

Ultimately, I really think this watch is worth more attention. Hopefully it will get it with the coming (January 1) Launch. You should give it one more try, Parcaetron.