This iWatch concept is designed to pair up with your iPhone, sharing information and allowing you to see all sorts of information without pulling your phone out of your pocket. And it's pretty damned slick.
The watch, which would connect to your phone via Bluetooth, would have 16GB of internal storage and would allow you to do things like answer calls via it, display RSS feeds, show you the weather or let you flip through photos. There's also a built-in pico projector for letting you show videos on a nearby wall.
All in all, it's a pretty cool concept, but don't look for it to become a real product anytime soon.