Yeah... no.
I wouldn't skydive with those glasses.
Though "gopro for the rest of us" would be a good tagline.
The rest of your post is pretty spot on.
If Spectales were $99 instead of $129 I think they'd be in solid impulse buy territory, too.
I am not in marketing / sales so maybe GoPro likes being at the top and making higher end cameras and it won't matter. As it is today a pair of glasses that only records 10 seconds of video won't be able to compete anyway.
These things will go the way of google glass. Cue reports of people being beaten up for wearing them.
And unlike google glasses, the only usecase these things are good for is taking creep shots and uploading them automatically.
Don't think for a second that all the limitations like 10 second recording length won't be patched out by users on day one.
The ability to have cheaper, stylish, handsfree video recording of my POV has a lot of potential. How-to videos, the "capturing memories" as noted in the article, even just easily recording benign life experiences (police stops, for instance) seamlessly and without hassle is huge.
I do hope there is a tattletale light or something so that the average user can't surreptitiously record things and otherwise easy privacy controls... and I hope it's not long before someone hacks this or they unlock the product to do more than 10 second clips...
If I were GoPro I'd be nervous.
Edit: Actually a second thought- this would be a lot better than body cams in a lot of situations (or certainly a good companion) because it would capture the officer's line of sight.