This is the F029 watch from Aigo. It is a little different from the average MP3 playing watch out there because it has a full color OLED screen. It plays MP3 and WMA and it can even play MPEG-4 video on the 160x128 pixel screen. Included will be 512MB or 1GB of memory and, oh yeah, it can tell time. But that is the least important feature.
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Aigo F029 Digital Watch/MP3/Video Player [dapreview]