I completely agree with you! With 4GB of storage space for mp3 songs etc., there should be no problem with recording much more video than 15 seconds. I personally am really disappointed with the Gear 2. I still enjoy my Gear 1 much more, especially with the over 150+ different watch faces available via the Watch Styler app (which doesn't even exist on the Gear 2 due to Tizen, which I also HATE).
In addition to looking at the HIDEOUS/limited watch faces that came with the Gear 2, I also cannot get mines to pick up ANY notifications since it instantly crashes every time I select "notifications" from the Gear Manager due to having a few hundred apps & games which appears to overload the memory allocated to GM according to Samsung tech support.
If there is no software update for the Gear 2 within the next few days I may just return this $300 paper weight!
That's my 2 cents.