While I cannot explain what good a full color LCD would do around your neck, I can admit that it's the first time I've seen an MP3 playing necklace.
Anyway, the design of this player is very futuristic. It reminds me of a lot of those "future concepts" pages that major electronics corporation's keep buried in the depths of their R&D website. Except...this is an actual player.
It's really a Nextway product - a Korean company.
Marubeni Infotech will release the "D Cube collo" portable MP3 player in the first part of August. It is Open Price; the estimated retail price is around 16,800 yen.
This MP3 player, made by Nextway, includes a 4,096 color 1.1" LCD. It supports the display of ID3Tag Ver.2.0, as well as display of Japanese, Chinese, English, and a total of 39 languages. The internal memory is 256MB, and four color variations will be available: white, blue, gun metallic, and red.
MP3 audio playback is supported from 8~320kbps. VBR is also supported. With a frequency response of 20Hz ~ 20kHz, the earphone output is 7mW x 2ch (16 ohms). A 5 mode equalizer function is also featured.
Images created with the exclusive software (Windows only) can be displayed on the color LCD. Neckstrap-type earphones are included, and the player can be used by hanging from the neck.
Data is transferred from the PC via a USB connection. Recharging is also done with this connection; the lithium ion battery can playback audio for about 16 hours. The external dimensions are 45 x 17 x 53mm (W x D x H), and it has a weight of 25g.

Inspired by (with size comparison images):
http://www.watch.impress.co.jp/av/docs/20040715/minfo.htm [1]
Press Release:
http://www.m-infotec.co.jp/news/040715_01.shtml [2]