Update: This post is in response to a post which was removed, discussing the screen-less version of the bracelet mentioned.

That model is the lower-end one. As you can see, it doesn't have an LCD, which makes the hack not much fun, but also would make it less work. I carry my N810 in a belt case that exposes the LED, so that model isn't much of an improvement over what I have. That said, I could see it being useful for other people, and as you originally said, it looks nicer. If/Once I get this working, it shouldn't be too much of a stretch to get that one working, I would think. I don't have one, but if someone wants to buy me one, I'd be happy to take a look at it. :P (I'm half kidding, but if anyone wants to take me seriously, just PM me)
Oh, and by the way, don't buy it from TG. I like their stuff, but they charge a fortune. DealExtreme is less reputable, to be sure, but they sell the same products in this case, and I haven't had any issues with them except slow shipping (and hey, the shipping's free, so you can't complain)