DeBethune (previously mentioned) has released the 4th in their "Dream Watch" series, in this case not a wristwatch, but a watch mounted in a carved iPhone case. A limited edition of 12, this takes the basic design of their piece (the DB25) from the 2011 Only Watch auction and mounts it in a carved titanium iPhone case. The dial of the watch, which is removable, is blued Ti, representing the night sky, set with white gold and diamond "stars". The Titanium case is in the shape, vaguely, of a rocket ship.
First photo shows the entire case/watch assembly
Second one shows the watch in close up. The hours are read from the lower (6 o'clock window) and the minutes from the top, so currently it is 8:19 according to this watch.
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Moreover, the carved shape is reminiscent of a Star Trek officer's badge.
Altogether, this thing is a rich geek's dream toy -- quite a good and well-targeted design...