So this watch has the analog arms (second, minute, and hour), but the face can change. It can be an analog time-telling face, a digital time face, or any number of other pre-programmed faces using the E-Ink display that makes up the face.
I am not a big fan of E-Ink mainly because its plain black and white, but it is power efficient, and there are still some cool things you can do with it, such as make a watch like this. I am however a fan of this watch, too bad my budget doesn’t include a $250 watch purchase for at least another year.
The downsides are as follows, the bands are cheap, your choice of leather (likely fake) or polyurethane, my choice and it would be a metal band with a nice clasp instead of all this adjustable crap like a belt around my wrist. Other than that the only other downside is likely to be battery life which will probably be noticeably shorter than with a standard digital or analog watch.
PHOSPHOR Ana-Digi Watches With E Ink Display [via ohgizmo]