Wow. I just asked the same thing before seeing this post. I bought two Neos in different colors and have the same problem. If you let it reset the watch it will then offer to restore it from backup, which it does, but not everything gets restored and you have to find and redownload everything that is missing. Then more often than not, it hangs up at the end of the restore and you have to reboot the watch. Takes an hour to go from my black one to my orange one. Aarrgggh.
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