One of the coolest features of OLED displays is how they can be made so thin that they become surprisingly flexible. This watch concept plays that trick to the extreme, by including a video display that wraps around your wrist to tell the time.
The Futaba OLED watch concept has a long and skinny 256x64-pixel, 3.5-inch display, which puts out full color video. The entire watch is less than a hundredth of an inch thick, so it's kind of like having a strip of paper around your wrist.
What's not clear is how the watch get its power. On the display at the CEATEC show where this picture was taken, you can clearly see a flexible PCB which appears to be providing the required juice. This is common enough with concepts, where all the tech needed to make it a fully realized gadget just isn't there yet, but usually means what you're looking at is a ways off, yet.
While this looks promising as a concept, I think they need to work on the styling. Right now, it looks like you were just discharged from the world's most high-tech hospital.