Uh, actually not. quite perfect for swimming. That kind of rating generally means it can handle rain, splashing and the like. When you're doing something like swimming, you actually create water pressures far in excess of that at 1m pressures. The same can be said of water coming from a shower head depending upon shower nozzles and whatnot.
I would take that rating to mean that it's OK to get wet in rain and the like, and could probably handle you sitting in a tub with it on. I probably wouldn't risk it swimming. In general watch guys don't recommend swimming with anything that's not rated at more than 10 meters.
Personally, I think the water resistance is great for what it is, but I wouldn't put as much trust in it as the author apparently does.
Also this article from AppleInsider.com
I wouldn't wear one swimming.
Quoting me above "at your own risk. . . " which I said because of your concerns mirror mine.