Sony's FES Watch U is the successor to the popular (in Japan) Sony FES watch. This is an E Ink watch that also has E Ink on the wrist-band, so you can change the design at will. There are 12 basic designs, but this is software based and will increase as Sony makes available an iOS companion application.
The FES Watch U started shipping in Japan for around $400 to $550 depending on the model. It seems no longer to be in production - although you can find a product page at Amazon.co.uk and some watches are still available over at eBay.