I bought one of these a short while ago. It's brilliant!
Bad points - you have to use the stylus to send a text. The screen can be a bit unresponsive on occasion (probably down to my fat fingers). The camera will more than likely take a pic of the back of your hand if you try to use it whilst you're wearing it.
Good points - just look at the stuff the watch comes with! It does everything a normal mobile does with a really funky touch screen, which is surprisingly clear. Once you eventually get used to the touchscreen, it's actaully realy eaasy to navigate. The music player is easy to use, really clear sound and with 2gb of memory in teh supplied card, you'll have plenty to listen to. Bluetooth is excellent, really quick when transferring files and crystal clear through the Parrot kit i have in my car.
Major good point - ITS ALL IN A WATCH! Gadget fans will love this and your friends and colleagues will be sick with envy!
Oh, it also tells the time.