Japanese watch purveyors Seahope have come up trumps with a Transformers clock which I'm hoping can actually transform into a watch.
It was built with Takara Tomy's permission, which makes all the Transformers merchandise (often licensing it to Hasbro, where it's re-branded). Kind of like a Tokyo Flash watch stuck in the middle of some flailing metal limbs, if anyone has any information on whether it actually transforms into a watch - please let us know! [Takara Tomy via Technabob]
UPDATE: Reader T.E. Kochendorfer pointed me towards this site which shows last year's models that do actually fold into watches. Amazing. UPDATE 2: Reader Mike remembered owning a Transformers watch back in '82, and found one on eBay.