Was studying the PCB tonight and noticed that R4A and R5A aren't connected to anything on the opposite side of the LEDs, i.e. the ethernet jack LEDs aren't connected (they are in the schematic)
I've just fired up my twatch, updated the firmware to enable the backlight, and noticed a possible problem with the LCD.
As the characters are scrolling, each character takes the same amount of time to fade out (terrible refresh rate?), as the characters take to scroll, the effect is most of the time the previous letter is mixed with the new character, making the scrolling text very hard to read.
I also bought the same LCD from Seeed on its own, and my project with that is having the exact same symptoms.