Watch on is not going to replace a remote on anything but relatively simple systems doing the most rudimentary tasks. No one should confuse it for even a fully functional remote replacement let alone a remote that provides automation of activities because you cannot create the buttons, pages, macros, and all the other things you need to do to get a fully automated remote. There will be no losing of a drawer full of remotes thanks to it.
I just got the full version of Touchsquid today. A review of it is grist for a different thread but a quick note here is that it would be a handful for guys who haven't dealt with setting up a more complex program of its type before. Its also overkill unless you want the full automation and/or have a more complex system thats going to need macros and other customizations to run. An FYI for folks thinking of looking toward the market.