The idea might be good, but the price is extravagant. I think the parts should cost only $60-70, maybe less, so charging nearly $148 is laughable. Especially when I can get a nice, brand-name watch for $118 or so.
Consider that the thinkgeek 'annoyatron' is sold for $10. So the guts of this device cost far less than $10. A cheap watch band, better looking than the one this has, can be had for under $20 on Amazon...
Throw the rest of the money into having a nice brass enclosure machined, then pot it with epoxy to make it reasonably water-resistant as well...