Is this just an http://getinpulse.com with an accelerometer and an extra $50 on the price tag?
inPulse seems to have an avid development community already, and I would go so far as to say that the $150 inPulse (without the accelerometer) is a more appropriate starting point for a wrist watch that can be customized. Sure there is a lot you could do with motion sensors, but this is a niche market already, and kicking the price up for a flashy feature seems fruitless to me.
Worth keeping an eye on for the hardware hackers out there, but I think I am leaning inPulse.