I know that you can already buy watches with TV remotes built in. You have to be a real TV addict to devote precious wrist space to a full featured remote.
I'm thinking of a mute button only. I really hate ads and if there is a TV on in a room I'm in, I always hunt for the remote to mute them. It would be nice to just push a button on my watch. You could teach the watch the code for every TV in the house and transmit them all when you push the button. (Obviously the other TVs in the house won't mute since they are not in line-of-sight)
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I've seen watches with built-in basic learning remotes which would do.
Also see "two stage mute button"