I'm back out to the NuMusic dance night again tonight, so it's time for the LEDs to shine again.
I've mentioned the SeaHope brand before (and I've got a summary page for the brand linked at the top right), and this is part of their PIMP line of watches. The PIMP watches are released in limited quantities merging 70s style with modern concepts, and have a motto of "Trends are fine but being unique is better!". Even more limited numbers were released outside of Japan, and were exclusively distributed by Tokyoflash.
This watch is called Trip the Light Fantastic, and was the first PIMP watch (released in November 2003). It uses 72 LEDs in red, yellow, and green to show the time - red lights down the left side for the hours, and rows of 5 LEDs for the minutes (filling from the bottom, with the rows alternating between green, yellow, and red). It also randomly flashes some LEDs for a while after the time is shown.
It was sold originally for 18,000 yen, and is no longer made. A gold plated version was released a year later.