Are the recordings broken up into separate files by time or is it one big file? If separate how long is each file? 

If there are separate files does the XR-1 set the metadata for each file with the GPS lat and long?
What do the watermarks on the footage actually look like? Any sample of footage with watermarks? 
If you press the button to lock the file... how long before the button is pressed is locked? Is anything after the button press locked, how long?