I've met these founders. They seem cool. InPulse is hosting a hackathon at Hacker Dojo next Saturday. See you there! http://hackinpulse.eventbrite.com/
Obvious question: How are they going to market these to women (if at all)? Women's watches have to be much smaller than men's watches, and that will mean less pixels.
I really like your marketing question. Women do seem to enjoy accessorizing. They also like to shop and spend money. I think the size of the watch itself isn't important. What's important is whether the watch uses a standard size band. Unless they're goth or emo, most women aren't going to want a black watchband. They're going to want something that's pink with sparkles.
The ability to use a different band is important. The GetInpulse FAQ ( http://www.getinpulse.com/faq/ )should answer whether the watch uses a standard size band and, if so, what size.