Fantastic. OK, the prototype lools clunky, but I can well imagine this being an excellent watch.
You need to watch the video to really understand what the watch is actually offering.
The design is fairly well thought through: the name "JIT" is exactly that: getting you to an appointment just in time.
What makes it interesting from a business standpoint is that it really isn't a watch anymore, but rather a PDA (Personal Digital Assistant) that is worn on the wrist and has a very solid user interface behind it. The proper functioning of the watch requires significant infrastructure: you have to have a bluetooth enabled mobile, as well as the appropriate web services involved (web-based calendar, tracking software, transparent (automatic) data transfer on a push basis (i.e. the data is sent from the web services to the watch on a need-to-know basis).
This is all eminently do-able, you do need a specialized service to tie everything together.
What the design study has to do before it can be a functional product is first of all reduce the power needs (the battery bracelet is a hoot!) and reduce the size of the screen. But my recommendation is that the larger screen be replaced with a smaller one, but of actually higher resolution than the one shown: IBM offers some 1024x768 resolution screens that are smaller than the one in the video and would provide extremely high quality displays.
Needs seed money to set up the web services, set up the infrastructure city-by-city (web service to track movement in that city and to provide information, for instance, on which subway to take based on location and appointment!), and to properly do the watch itself. I'd estimate 3-4 mn dollars to set it up as a commercially viable company: the critical aspects are proper push programming, successful watch design and 2-3 months of real-world testing.
Market potential is enormous. Imagine you're on vacation in, say, Barcelona, and you speak no Spanish and have never been there. You want to visit 3-4 sites on a single day and don't want to take taxis. You input your trip plans at home or from the WiFi at the hotel, and then lock up your notebook in the hotel safe. You activate the route planner function of the watch and let it describe where you should be going (not by map or arrows, but by short text messages like "turn left at this street and go 500 meters to this street and then right), based on the feedback from the watch via bluetooth/mobile. Offering this for many different cities means that any busy tourist will want one.
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