The Flying C1000 GSM phone is as big as simple watch but do more than a lot of mobile phones .
The watch phone has Bluetooth with A2DP an media features to make use of it.
There is only 60MB of storage though with no apparent way to increase capacity.
It does have a 1.5-inch touchscreen.
It also support character recognition, but only for Chinese.
No pricing or availability info for now.
Source: PhoneDaily (In Chinese)