This gadget's been on the cards since MP3/MP4 players and digital video cameras began to get tiny and cheap. A toy for grownups, its inevitability is based on a dozen spy movies from the recent past.
Inside the slightly chunky device  there's enough miniature electronics that enable it to act as a media player and digital photo frame with a 1.8-inch screen. And, what makes it most like 007 is its tiny camera that lets you capture up to 3.5 hours of video at 352 x 288 pixels, or VGA resolution stills. Those images aren't going to win any prizes for quality, but the fact that you can do it from the convenience and secrecy of your wrist is going to sell this device all by itself.
On the other hand, those controls look kinda fiddly, so buyers of the $160 device may just end up recording hours of video of the mysterious life of their own pocket fluff, rather than hours of exciting espionage. And at 352 x 288 pixels, hot Bond-girl action isn't going to be all that hot.