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.

Sony FES Watch U photo

The FES Watch U is now shipping in Japan for 46,000 Yen (around $415) to 60,000 yen (around $550).

E Ink display info: 
E Ink watch face and wrist band