Amazfit Bip smart watch in-depth review. Built in optical heart rate & GPS for less than £50 or $70

The Amazfit Bip smart watch has a built in optical heart rate monitor and GPS receiver, a gorilla glass touch display and up to 45 days of battery life and it costs from only £45 or $65, depending on where you buy it from. But is it any good?
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Amazon link to smartwatch: http://geni.us/6hGDD
(keep an eye on the price - it seems to vary considerably) or try Gearbest if you don't mind waiting a couple of weeks:
https://goo.gl/PxRnkS
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US: http://amazon.com/shop/thetechnologyman
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If you prefer the written article, together with a summary of the pros and cons, please take a look at:
http://thetechnologyman.com/amazfit-b...

Please feel free to skip forward or back using the timestamps below:
0:00 Intro*
0:19 First impressions*. Unboxing, charging, design, weight
0:57 Initial setup. Downloading Amazfit app, pairing with watch
1:25 Default watch face, display with backlight off and on
1:40 Move around watch - different screens
2:09 Activities
2.55 Alarms, timer, stopwatch, compass, settings, watch faces
3:44 MiFit app*, sleep tracking etc, configure watch faces, settings, reminders, create alarms
5:00 Notifications, find watch, continuous heart rate, resting heart rate, configure watch screens, step goals, Strava sync
6:49 Performance and battery life*. Range, steps, no floor climbing
7:23 Built in GPS accuracy
7:35 Built in heart rate accuracy. Comparing Garmin chest strap
8:29 Sleep tracking
8:48 Battery life
9:30 Water resistance, toughness
9:48 Replace watch strap
9:55 Verdict*
*Sections