As a type-1 diabetic, to check my glucose, I have to use a spring-loaded device that pricks my finger with a needle which I then squeeze out to get a large enough sample, then pick up another device with a test strip attached where I collect the sample.

Read the last paragraph (0003) of the Background and then look at that watch device. If I could flip my wrist over, push a button, hear a hiss and 5 seconds later I can tell where my levels are, my day to day life, for the rest of my life, is made that much easier.

That particular level of automation wouldn't be the end state for the technology. Why not a wristband you wear that just does all of that itself, when it decides to, and then either tells you to eat or communicates with some other device able to change your blood chemistry?

Well, it's not. It's using pressure differentials to cause small capillaries to burst(?), causing minimal damage as possible.

I can see why Google might be interested in doing this. They're already in the smart watch market, it's only a short leap into the world of medical devices if they invent a way to continuously monitor blood sugar levels (among other metrics) for the user.