This sounds terribly cool and bleeding edge. I never knew about cljs-watch which would make someone like me, coming from heavy a python background (and used to auto compilation) comfortable.
There was a previous incarnation in 2008, this one is something built from scratch using none of that code and using a lot of other tools like the Google Closure compiler, so aside from the name they don't share that much really.
One further point of complication is that they also share the amazing Chris Houser who was the primary programmer on the previous and a key contributor on the new.
Somehow I forgot Chouser worked on the first one, even though I remember when he initially released it, weird. But then his finger prints are on a lot of awesome stuff.
That ClojureScript is in no way related to this one. The former used to translate a subset of Clojure to JavaScript, the latter is a full-blown implementation of Clojure which targets JavaScript as the platform (as opposed to the JVM).