Wow. If there is one thing that will get me to buy a Windows 8 device as an Android fan, this is it. We have seen "smart watches" that run Android before, and pair with your smartphone to provide helpful notifications and features. Some even run their own apps. However, the concept you see above would clearly be in a league of its own, concerning both software and hardware.
Ideally, if produced the watch would run a full version of Windows 8 on its tiny screen, which, surprisingly, looks like it might work pretty well. I hadn't noticed this before, but the new Metro UI of both Windows Phone 7 and Windows 8 should actually scale quite nicely to both large and small displays. You can also see that the concept would include a tiny Bluetooth headset in order to make calling less awkward.
Its industrial design may be a bit too "Tron" for some, but even so I think the idea of Windows 8 on a variety of hardware like this watch is a good one. It certainly speaks to how much excitement and support there is around Windows 8, especially the ARM compatible side of development. I know I would wear a Windows 8 watch with access to all the same apps as a tablet, no matter how weird it looked. Hopefully Microsoft doesn't make the mistake of nerfing the abilities of Windows 8 on ARM devices though, because it would make great devices like this just a little less awesome.
I highly doubt this watch will be released in its current form, but it is still a really great concept. It should at least serve to get people excited about Windows 8 and its potential, and I would hope that some manufacturers follow suit and get something out to market.