The documentation for opts.common states:
If using a callback, you're passed an object that with keys of each entry file and values of the compiled JS file.
[ deletia ]
If piping the response you'll [...] need to listen to the 'entry' event to get the compiled entry files.
However, when combined with opts.watch, neither of the above statements are true: subsequent/watchified invocations of the callback receive only a single bundle, and the 'entry' event is not called.