As for the benefit of being free standing LTE, it looks like Android Wear 2.0, once it is out in a consumer version, might require a revisit of this device. Design wise it's not the slickest watch out there, in particular plastic appliqué buttons look pretty bad.
"bulkier and more expensive than a typical smartwatch, but does not do much more other than let you get alerts, calls and messages without your phone."
seems contradictory with your conclusion
"a compelling idea that’s poorly executed."
because you are suggesting the compelling idea is only compelling if bulk, battery time and price could be the same as a non-LTE watch. That's calling for impossibility as the radio will take its toll on battery life, and a larger battery increases bulk.
Rather it seems you are questioning the value of the concept of alerts, calls and messages without the phone.
So the prospective buyer has to decide whether the trade off is worth it.