I can't be the only one who thinks this is going to eat GoPro's lunch, am I? Sure the initial version may not be as high quality as a GoPro and the time limit isn't as good but those are easy things to fix and they have a monstrous social network (something GoPro is sorta trying to break into).
That's just a software limitation that could be bypassed if the device gets jailbroken, redirecting the creepiness from the company to a single user (who decided to jailbreak to take longer videos).
If enough people start jailbreaking their Spectacles, Snapchat good could then get rid of this limitation.
If anything kills GoPro it's something like this.