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I think the physical hands make it possible to read in the dark. The e-ink face is just that, the face. If you were really clever you could make just the minimal electronics to erase the display and address each pixel. Probably something like a four wire data interface. Then a dongle for your PC that has the smarts in it and can write the face of your choice on it.
As for $15 vs $100 vs $1000+ watches its sort of a fashion statement for guys. Basically a Tag-Heur watch on your wrist says you can afford to spend too much money on a watch. Even if you're a geek and otherwise un-remarkable many attractive women will pick up on that. Sad but true.
--Chuck
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