I'm not sure I see the "revolutionary" aspect of this. With displays, you don't need to make power consumption arbitrarily small. By Amdahl's law, you only need to make it a small percentage of the cpu (and wireless) consumption. In this respect, Sharp's transflective displays (that were found, for example, in the pebble watches,) were already resolving the power issue in the context of smartwatches.
Secondly, you only get long battery life in a small package one tiny step at a time, and you want them, either to increase battery life or to make smaller watches. The latter is particularly hard. A typical smart watch is around 10 mm thick, nowadays, 2 or so of which are taken by the display and the back panel. So, if you want to make it 8 mm thick, you lose 25% of inner volume and, ballpark, the same on battery volume (taking into account that the battery is shielded, likely closer to 30%)
Finally, I’m not sure that transflective display is that low power if you want to frequently update the display. Looking at the data sheet of https://eu.mouser.com/new/Sharpsma/sharpmemorylcd/, page 14 lists power use of 15 μW on a static display, 50 μW on a display that updates at 1 Hz. Extrapolating, I get 2115 μW at 60 Hz, or about 2 mW. The capacity of a typical smartwatch battery is less than 1 Wh, so that display could display video for 500 hours or 20 days (rounded up a few times)