I dunno if I'd get the watch, but the general concept of sending digital data on fringe FM radio frequencies sounds brilliant. So you can tune in to data the same way you do the radio or TV. Sounds kinda similar to the way my pager gets automatically updated with news headlines, weather, etc. The idea of the refrigerator magnets that show data (weather, sports scores, stock ticker) sounds silly but at the same time brilliant. FM is available everywhere, so until the years and years it will take for the country to be blanketed by Wi-Fi, I think these little FM SmartObjects will actually catch on (assuming the service is cheap or even free). I can definitely envision them in cars and around the house. I think Microsoft has actually come up with something cool and totally unexpected here.
Now let's see how they mess up the implementation...