It's called Neptune Duo and consists of a wearable smartphone/watch with a secondary/dumb display for your pocket.
The wrist-worn device is the actual phone – it has a 2.4" touchscreen, a quad core processor with 64GB of storage, WiFi, Bluetooth, NFC, 3G and 4G connectivity and a 1Ah battery. It runs a version of Android and connects to the secondary display for app interaction.
The secondary display has an 8MP rear camera and a 2MP front camera with a 720p display. The combo promises "several days" on a charge.
It's not cheap - it will set you back $800 - but it can be pre-ordered at a $200 savings. Here's a link with more information: http://www.getneptune.com
As wearables become more capable, you'll be able to do much more with your watch/phone – the idea is to make it easier to be continuously connected to work and your friends for greater productivity (and fun!)