lol, i just wanted to post about exactly that watch as i ordered one today, the 2 GB version. Ahhh, that will let me watch many max headroom episodes in the bus and lunch break.
I actually thought its quite crappy due to its display and stuff, but then i saw that video from a watch collector (Look at his BUlova Drivers watch!). I'd never have thought the videos look so crisp and dont skip at all.
Unfortunately the language is spanish or so, i only understood a few words halfway.
iPod owned by a wristwatch:
http://www.youtube.com/watch?v=cTaDuhEqLBY