Yeah looks like the Omate Truesmart / AW414 ripoff. Looks pretty nice though.
I found another ripoff using MTK6572 hardware wrapped up in the Samsung Galaxy Gear body (by Jajatong, the famous ripoff artist of Samsung smartphones):
Just be careful, this appears to be a "pre-sale" item (Google "Jajatong W007") - like Kickstarters, I personally won't give them my money until I see the actual model appears in the market - many people who bought "pre-sales" get faulty rush jobs!
One thing I worry about is the battery life of this watch. The MTK is known to be power-hungry. Previous models such as the EC308/309 and ZGPAX lug around a thick detachable battery and battery life is not great. The Galaxy Gear has a thin body and the battery is not replaceable.
Otherwise, it may be a success like the other ripoffs made by this company, selling at a deeply discounted price.