My final project for the year is a Christmas present for my kid. It is the Neo Geo Watch by Becky Stern and Tyler Cooper from adafruit.com.
Project Type: FLORA - A wearable electronic platform: Arduino-compatible
Software: Arduino IDE
OS: OSX 10.6
Part Source: There is a full list of parts and tools on the project page. Click here

The Neo Geo Watch utilizes a compass board, a GPS board and an RGB LED ring for multiple uses.

• Watch Mode uses the GPS to set the time. The red LED indicates the hour and the green LED for the minutes.
• Navigation Mode uses the GPS so that an LED always points to a location I programmed into the code. In this case, I set it to always point home. It turns from red to green the closer to home you get.
• Compass mode uses a blue LED to point north.
• I hacked the code a little to add a flashlight mode.

1-10 Ratings

IKEA Rating - 8
The instructions for assembly were great. Plenty of pictures and diagrams to follow. The only problem I has was making sure I downloaded everything I needed for the code.
It seems like I went back to adafruit and github three times looking for something I missed for the Arduino library.

Tony Stark Rating - 10

• Coding: You'll need to know how to program an Arduino and you will need to know how to modify the code to make sure the LED are pointing the right way. The Arduino language is merely a set of C/C++ functions but this project is not for beginners.
• Soldering: The build requires soldering for the connections of the the Flora board, LED ring, compass board and GPS board.
• Leather work: The project page only calls for a leather cuff that can be ordered online. I wanted a more sci-fi/steampunk look so I made the armbrace myself.

Mcguyver Rating - 10
The code for this project is super hackable. 

Mr. Wizard Rating - 10
I didn't know that the GPS could be used for time so that's something new.

Check out the actual project instructions at adafruit.com