The winner of the 2005 Nokia Benelux Open Design Awards is a concept phone, dubbed the Nokia 888. Designer Tamer Nakisci describes the wearable 888 thusly: “It uses liquid batteries, speech recognition, flexible touchscreen and touch-sensitive body cover. It has a simple programmable body mechanism so that its form changes for different situations.” 
Not sure about the liquid battery part, but the rest of the 888 looks do-able in the near-term. Nokia Concept Lounge - website for the Open Design Awards Tamer Nakisci - homepage
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Is a GSM mobile or only a fashion
I wonder if wearable phones will ever really catch on.
The trouble with phones you wear is it’s easy for someone to grab them from you and run.