.... can they reset it and use it as their own? Are there any deterrents similar to find my iPhone?
They won't be able to use. Every time you remove your watch from your wrist. It disables it. When you put it back on. It asks for a passcode every time.
A passcode is only as strong as the user makes it. So this is the weak link because I'm sure there will be lots of 1234 passcodes in use. However I'm also pretty sure it will be included in Findmyiphone just like iPods. So when it's lost you put it in locked mode and unless the person knows the Apple ID password it's useless. I'm going to stick by this until it comes out and we find out.
A passcode is only as strong as the user makes it. So this is the weak link because I'm sure there will be lots of 1234 passcodes in use. However I'm also pretty sure it will be included in Findmyiphone just like iPods. So when it's lost you put it in locked mode and unless the person knows the Apple ID password it's useless. I'm going to stick by this until it comes out and we find out.
True, but the weak link is the owner who chooses to use 1234 as a passcode. There will be those who use 1234 as a passcode, get their device stolen and compromised and then blame Apple for not making the device secure enough. #smh...You know it's coming...