1) The airlines won't foot the bill for the equipment, the additional personnel to issue / remove these bands, or the training involved.
2) As mentioned before the only way this could actually be used in a real attack situation is if all collars were activated en masse. There won't be enough time to figure out which passenger is the one emerging through the smoke to attack the cockpit.
3) We can't even figure out a way to allow ipods and bluetooth deviced to be used on the plane without "messing with navigation equipment" so how are we going to get a few hundred wireless receivers and a transmitter working?
4) How many days would it take for somebody to steal one of these, reverse-engineer it, and post instructions for pm the Internet for disabling the device?
5) How many script kiddies will use those instructions to spoof the signal and set off peoples' wrist bands at random?
6) How much will the first lawsuit be for somebody whose pace maker was messed up by the electric shock from their wrist band? Or the first kid that suffers real injury because they use a one-size-fits-all shock that has to be strong enough to take down that 300 pound guy snoring next to you in coach.
The idea may be interesting to think about, but is no more feasible than the eternal myth about congress passing a law to tax emails.