Well my battery indicator was blinking on my watch. This causes the alarm not to sound and the backlight to not function. I replaced the battery with a new one and guess what, it was still flashing.
In order to fix this, I left the battery out of the watch for about 5 mintues. When I put the battery back in, I lost all of my settings (crap!) but at least the indicator displayed correctly and the functionality was fully available.