What are you connecting them to and where are you when it's cutting out? I have the older model, the XM2's and I've only had them cut out if I go out of range. I've not heard the XM3's any worse for it either. I will say if you're in somewhere busy, that can have a tangible effect on the bluetooth signal due to congestion though, and that's not entirely the fault of the headphones.
Connecting to different devices is definitely a flaw, something that I can't believe Sony still hasn't fixed. It's an issue with the XM2's as well. I'd hope they'll fix it with the inevitable XM4's this year but it's unlikely. I don't mind the touch controls on the XM2, but admittedly I've heard the XM3 touch controls have an issue with cold weather that can cause them to go haywire.
I don't think the noise cancelling is a gimmick at all. It cuts down certain background noises(mostly lower frequencies) quite substantially. Perfect if you're travelling on airplanes a lot, or work in a noisy environment. It won't drown out peoples voices that much, but I think that's by design. If you don't happen to be in those environments that much, then yes, it's a bit of a redundant feature.
The thing with bluetooth noise cancelling headphones is, you are paying for those features as well. They're not going to sound like $300 wired headphones. A better way to think about them is your paying half of the price for the audio(even then audio is very subjective - you may not like the sound signature), and the other half is the bluetooth/battery/noise cancelling etc. So if you aren't using those extra features, then yeah, they'll look dear for what they are. If you don't have need for bluetooth, or noise cancelling then you're better off selling and just getting wired headphones I'd say. I only use my bluetooth headphones for ease when I'm away from home, otherwise I have much better headphones for use in my house.
