Nope, it's all of the above - all the above
From site: -Haha, I wonder what the bat life will be likeIf you want to combine a digital watch, music player, and video player in one unit, Aigo has the answer in its F029 multimedia watch. Featuring a 160 x 128 OLED display, 512MB or 1GB of memory, and a mini-USB 2.0 port. Supported media formats include MP3, WMA (DRM), MPEG-4, XviD, and AVI. No word yet on pricing and availablity.
Edit - More info - http://www.dapreview.net/comment.php?comment.news.3533