I remember being super excited a few years ago getting a 32mb USB drive as SWAG. I don't think I ever used it other than to watch the promotional video clip it contained. Just another thing to carry around. In the age of zero-config wireless, bluetooth, and ever continuing storage miniaturization why not carry your most important information with you allowing it to be synced with whatever terminal you are on.
I imagine it would be built into future generations of SPOT watches so it's one less thing to carry around. When I log into a computer the contents of the "watch drive" would be synced with my documents on that computer or any computer I was within range of and logged into. While we're at it... make this device log me in and carry my credentials when I approach certain terminals. Make it my smart card. I don't anticipate this sort of thing replacing mass storage devices like MCEs or Ipods for multi-media, but it would make me more prone to carrying data around with me. It would probably be easy to prototype with a bluetooth smartphone.