It's a little computer on a project board. Nice community college electronics course project, but front page Slashdot?
In fairness, the guy has done a really really neat job. I was expecting something humongous, ugly, and utterly impractical* as a watch. Also, the graphic effects (TE TR IS scrolling in opposite directions and the way the vertical lines gradually appear) is kind of neat too. It's generally got a nice aesthetic!
*Yeah, for certain measures of practical... but it is at least the right size, weight, thickness!