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Pebble: E-Paper Watch for iPhone and Android has raised 7 million dollars on Kickstarter. The display is e-ink so that it is view-able in full sunlight. The watch will display the time and text messages from your smart phone.
There are going to be apps on it so someone will make a reader app. I read entire NYT articles on my old cell phone that had an equal size screen to this watch.
See Kickstarter for details.