I received the Casio CMD-40 watch for Christmas this year and the mischeif value is amazing! A quick cycle through the various manufacturer remote codes whilst at the pub or in the city allows me to wreak havoc with employees by systematically turning off every TV in the room. Also of great interest is the Learning mode on the watch which allows you to manually program buttons based on any infra-red signal. You click the button that is to be programmed and point the remote of the device which is being learned and press the appropriate key to transfer the infra-red code. This system allows me to control our Cable TV, my XBMC, and any other device I want to control, all from my wrist.
Also which is of major benefit is the sheer retro value of the watch. I remember when these first came out, and a guy in my Primary School class owned one, we where so jealous! Now all these years on I own one, what joy!
The funny thing is, its also a damn good watch, with the normal Casio reliability and robustness I can see us being friends for a long time. I think any true geek should own such a device, and you should grab one quick!