The particular model is one of the Wired XYZ range and seems to be aimed at travellers who like flying (and it even has a plane silhouette printed above the display).
The watch has two inverse dot-matrix LCD displays, rotated at 90 degrees to a normal display. The right-hand screen shows the time, and the left screen shows the time in one of 3 alternative time-zones (which you can set yourself). Pressing the middle button on both sides at the same time switches the two times, so quickly allowing you to change time-zones. The W771 module also has date and two alarms, and an electro-luminescent backlight.
The model shown is a limited edition of this design, with only 300 being made. The model version is 0AB0 (compared to the normal versions model number of 0AA0). Another one of these for sale suggested that it was part of the Zaizu (ザイズ) range, but this could also be the Japanese nickname for the XYZ watches.