It's called the EIN Cyber Heartbeat LED. At first look, it appears to be one of those crazy binary things from Tokyoflash, but it has a purpose beyond annoying its wearer. It is an honest-to-God heart monitor, keeping track of your pulse rate.
Product Page [Seahope via Technabob]
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it also plays pong and activates the control collars of your bungling, incompetent, minions.
Oops. Read Technabob's post - it doesn't check your pulse rate at all. Just a display.