Welcome everyone from all the sites that just linked in! Just now found that boingboing.net, Gizmodo.com, and Engadet.com have all posted articles on the Arduino Watch! And don't forget the HackaDay.com article.
For the current functions of the watch I would check out the youtube video (or for the embedded version just scroll down).
For the build instructions check out the Instructable.
And for the source code check out the google code page.
Future updates to the code I'm looking at the possibilities of a heart beat sensor and a Tron like lightcycle game, but let me know what you would like to see in new versions.
Thanks everyone for the interest!