Photos courtesy of Bryan William Jones
It's certainly an interesting avenue of firearm safety that could be explored further, and it certainly shows promise in potential use by police departments. That said I can already think of a couple of problems such as; what if the offending person happens to obtain the gun and is aiming it at the watch wearer at point blank range? [sure it may be unlikely, but stranger things have happened] Only time and further development will tell.
EDIT 2/1/10: I've since learned that the gun comes in several variations of pistol, and that the watch actually has a fingerprint ID pad so only the allowed operator of the pistol can activate the system to work. The watch can also save a couple of different officers so the gun can be swapped during a shift change.
It's only a matter of time before Hublot jumps on this and announces a new version of their "Big Bang" line. ;-)
I was first made aware of this through an article by Aaron Rowe over at Wired.com.