I don't care how big of a Dick Tracey you look like using the Phenom SpecialOPS mobile phone watch; its adolescent awesomeness goes unspoken.
Having absolutely nothing to do with AMD Phenom processors, this Phenom watch is a completely unlocked GSM phone (ready to take any SIM card you've got) while simultaneously functioning as an MP3/MP4 player through a MicroSD port. Other features include a 1.3" touchscreen display, Bluetooth, speakerphone, numeric keypad and a videocamera.
Yes, this mobile phone watch handles video when the iPhone still doesn't.
If the SpecialOps' $US300 asking price is a little high for your tastes, Phenom has other models available, including the $US235 Mi5. None of the models are necessarily inside of impulse buy territory, but hey, no contracts needed! [Phenom via unwired view]