Apple Watch: deep tether dependence on iPhone for critical use cases (music, gps while running, accelerometer?) will be a killer liability?
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It's the opposite of a liability. You could create an app that vibrates and beeps like crazy if your phone is taken out of range.
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no reason you can't create such an app for a watch that doesn't have strong interdependence
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GPS co-ordinates of your phone in relation to your watch? I guess so.
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I actually think the key features of the watch will be awareness of your location and context through haptic feedback, plus visibility.
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I think despite attention to fitbit type use case space, the sweet spot is probably on-the-go business types.

