^ Actually I think Chakotay probably used a bit of alchemy to transmute some lighter elements (namely carbon, oxygen, nitrogen, hydrogen, etc) into heavier ones (copper, zinc, silicon, lead) probably by using one of the industrial replicators that was still operational. If he was fusing these atoms together from much lighter elements, then that 5oz pocket watch really would have been equivalent to a 12oz meal for anyone else on the ship, which would really explain why Janeway was so pissed at him for it.
Janeway talks about it like energy
was the problem, which is sort of bullshit: if replicators could convert matter directly into energy, she could replace that watch just by scraping a couple handfuls of random broken debris off the floor of the bridge and chucking it into the nearest replicator chute. More likely, the replicators can only materialize/dematerialize a limited range of fairly simple substances, and even something as complicated as a pocket watch might actually require some assembly of replicated PARTS rather than pulling a finished product out of the slot.