I like it. Probably not many users will choose to turn it on, but for anyone that wants to test accuracy, it will be quite handy I think.
I agree, and I am one of those users, which was one of the reasons that I added it!
Here are screenshots of the new GPS accuracy graphs (which I will also find useful). They both show the same twisty mountain bike trail in a forest. The first one was yesterday with the watch GPS and the second one was last week with the phone GPS. You can see that the watch signal is generally lower (less blue) and has some "greyer areas" in places.
I have selected a similar point on the trail "Red 5" on both screenshots to see the values at that point and you can see that the accuracy is <24m on the watch and <10m on the phone. The profiles below the maps show that this is the worst accuracy on the route and you can see that the trail from the watch fails to match the marked Red 5 cycle trail, whereas the trail with the phone GPS follows it perfectly.
Having said that if you look at Red 8 on the iPhone trail you can see that the phone is not following it correctly, whereas the watch trail follows it much better, despite being greyer there. My guess is that whoever created the cycle trail in OpenStreetMap had a poor GPS signal there as well, and so the watch follows it better! This is only a guess though.
Apologies again for going into too much detail!