Absolutely agree with what probably happened. Everything I've read about this mentions wires and fuses. As bad as the TSA is, it seems entirely more probable that an artist wanted to make a point, by using items that draw attention, without actually being illegal. If this is just some guy with an eccentric watch, I hope they backtrack and let him go. But if it's someone trying to incite a reaction, then you can't really complain about being arrested.
Play stupid games, win stupid prizes