That Seiko looks decent and all - nice clean easy to read font, but it's hardly cutting edge technology. Ooooh, active dot matrix. Big deal. This should have been a standard feature on watches at least 10 years ago. I'm also not particularly enamored with e-ink since fantastic LCD and OLED displays are avaialble that display gorgeous color with higher resolution and don't use much more power. If you need good sunlight and nighttime readability, go with a transflective LCD like on the iPhone. I just don't see the need for e-ink.
The technology has existed for years and years to create a watch that has not only a beautiful bitmapped display, but also does everything your iPod does in a small, lightweight (not oversized) package for an inexpensive price.
For example, below are some actual photos (not Photoshopped) of my trusty Aigo F029 multimedia watch with a very contrasty and sharp 160x120 OLED display. It has better sound quality than my iPhone or iPod, plays video, shows pictures and cost less than 100 bucks. It's also almost 5 years old.
So, why hasn't this technology been adopted and advanced? Watch makers are watch buyers are too conservative. Tradition has its place, but sometimes it's time to forge ahead and build new classics like Pulsar did 35 years ago.
p.s. Don't buy any of the cheap MP3 watches that are on the market today - they all suck, are very cheaply made, have lousy displays, poor sound quality, etc. This model was the only decent one and it was discontinued soon after release.