To be honest i do see a market for this however i have to admit it is a specialist market.
For example i work in a call centre and it's a strict policy of no mobiles out at all - even though when your Blackberry is holstered in its leather pocket with the LED indicator going away you can tell when you have a message/call or not however you can hide away your phone no problem and still access your messages, emails & PIN's from your watch
Can't exactly make a policy for not looking at your watch!! I suppose this will more be like an enterprise novelty (Can't take your phone out however can glance at your watch to keep up to date)
I see the point of it - not available in the UK yet
