I picked up one of these just recently, and thought I would share some thoughts as it is actually far better than I thought it would be.
The watch automatically detects your course, and it only took around 20 seconds to identify Armidale. After that, it gives you distances to the front, middle and back that seem to be spot on, and it also pretty much records everything for you. After each shot, you have to nominate the club you used, but within 5 holes it had me pretty well pegged and was actually suggested the right club most of the time. It doesn't work out putts, so you need to do that, but it was pretty good at recognising I was on the green, and then it just prompts you for your final score and how many putts you had.
At the end, you can upload your data, and record your stats over time (club distances, fairways hit etc). It also allows you to get a visual on each of the holes (as below) at the end of the round, and it seems to be very accurate. It recognised when I was right on the edge of the green, rather than a few metres off, which was pretty impressive. There is also a historic function, so you can see whether you are constantly missing the fairway/green on a certain hole in the same spot all the time.
First Hole.jpg
My main complaint so far (and this may be user error) is that there doesn't appear to be an easy way to mark shots as being 'chip outs' as opposed to full shots. Therefore, my current 4-iron distance is 15 metres, as I used it to hit sideways from the trees a few times (not a good driving day). Also, if you are just having a muck about and hitting multiple chips, putts, drives etc, it doesn't seem to be able to cope with that particularly well. You can go online and delete the shots, but this isn't very user friendly.
More time will make the stats. component a bit better, but so far so good.