i have to see my pneumo doc regularly (Asthma..) and blood oxy is being measured on a regular base. last time was the first time with my S6 and i ran my watches blood oxy test (out-of-curiosity) while having the docs device attached (the doc was curious too =)) ). The tests showed a max difference between the two devices of about +-2%. Doc and me were both surprised/impressed =)
The watch is a little more 'sensitive' when being moved during measurement; so it should being kept still during the process. The docs device did not really care when i was moving my arm while measuring.