Being a cat had to be an all-time low for Dick. (Alright, that wasn't true, there was the time when he was lying in a largish pool of his own blood and everybody thought he would be dead in minutes.) Being a cat that changed back to a man on the hour had to be even worse. For one thing, he couldn't go outside for very long. The snow was coming down in waves, and being a rather small, warm fuzzy animal one minute and then a rather large naked man the next meant snow was not the ideal environment for Dick.
Then there was the overwhelming urge to claw things. Literally, almost anything. Buffy walked across the room once and suddenly her ankles just had this... incredible appeal. He had to
get them. So he sprang, sank his claws in... and she was rather upset with him for a while afterward. It was all very embarrassing.
Most of their research on the topic went nowhere. The watch couldn't have been older than a couple hundred years (considering when pocket watches were in vogue, likely later), but other than that, they had nothing. No idea where it was made, or why, or whether the spell on it had anything to do with the watch at all. Maybe some nut just picked it up and decided to practice making the owner a cat. Thought it was funny, or something.
Dick wished he could throw things. He put it on his list of things to do when he changed. He had a whole minute as a human, and he made a list of things to do once he got there. Throw something. Scratch the exact top of his head. Eat a piece of fruit.
One night, when Dick was at the point of suggesting they just smash the damn watch, the City must have decided this whole thing had run its course. The doorbell started ringing, and the City started dumping the magically inclined at Buffy's doorstep--probably so it wouldn't have to deal with Dick the Cat's irritated yowling.