I think I've seen that before, quite some time ago, but can't remember where - maybe it was this very site or an annunciation somewhere....
Nice idea. But honestly - for people accustomed to digital watches it doesn't actually make it easier if the minutes are jumping around on the dial (yes, you can switch this off, but then it's just an ordinary digital watch). E.g. I am so accustomed to 24h display that it feels kind of funny to see "10:30" when it's dark outside....
The design isn't too bad
BTW the image links in the "Product" section don't work...