The MBW-100, developed in collaboration with watchmaker Fossil, comes with an OLED screen below the watch face that works as an extension of your phone's display. This allows you to see who's calling, get notification on new messages, reject incoming calls, as well as control your music playback on your phone without having to take it out of your pocket or bag. The MBW-100 also sports a nifty out-of-range notification feature that alerts you to when you are separated from your phone.
http://asia.cnet.com/reviews/mobilephones/0,39050603,61955769,00.htmlook impressive.
flash presentation of the watch:
http://www.sonyericsson.com/bluetoothwatch/default.asp?lc=en&cc=us