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The ESP32 power saving design is fine, its the board designers that let it down. For example, the light sleep current of the ESP32 itself is 20-40 microamps, however, the T-watch only manages to reduce to 2.5ma. The active current can be reduced by introducing sleep in the idle loops, but this is not currently supported in the Espruino port. However, turning on the Wifi drains the battery fairly quickly! Using it simply as a watch with on time between 5 and 30 seconds, I get about three days battery life which is OK.
From what I've heard though, the battery life was still pretty dismal on these? There are some things Espressif is very good at, but power saving isn't one of them...