The way it works, is that the centre digit is the hour, and the filled in portion of the surrounding ring is the minutes.
From the bottom, around the edges, there are two additional indicators. The left being your current battery life and the right being your cellular signal strength.
The widget's entire appearance changes at 30% battery life remaining, and again at 15%, clearly indicating that you should probably consider plugging your phone in soon.
Next up is going to be the addition of some sort of charging indicator. I'm thinking about a pulse that goes around the edges where the battery life / GSM strength is, and maybe changing the colour of the digit.
What do you guys think?