Ok, I know this is not new news to most out there including me, but this is a cool concept. Texas Instruments has released the ez430 Chronos wireless development system in a watch. This kit integrates a wireless link to a PC via the included USB dongle. One example is controlling Media Player from the watch. Another major use that you can do is take readings from a chest strap that monitors heartbeat and then you can upload this to a PC via the wireless link. In essence you can keep track of your workout stats.
I will add this to my wishlist.