While thinking about my other idea (Alarm with Vibrating Bracelet), I started exanding on it.
Essentially, the wireless vibrating bracelet (or anklet, or small pocket device) could be used in home automation (X-10) if it had it's own module that plugs into the wall with a house-code. Any signal sent to the module would cause the bracelet to vibrate. A person would setup their system so that they knew what triggered the signal, and could be inconspicuously alerted.
The bracelet could let them know someone was at the front door without audible tones or lights (imagine the host of a party knowing when the front door is opened, or a babysitter). The bracelet could have different signals such as 1-1second-buzz, 2-1second-buzz, alternating, 5 second buzz, etc. keyed to different types of events.
While the "James Bond" aspect seems interesting, if you really needed your home to communicate to you, having flashing lamps in every room is annoying and overkill. Having a single "home communication" device on your wrist or in your pocket seems like a better approach.
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Add a clock to it and you have a wristwatch with extra features - perhaps more pallatable/familiar and thus more easily sold.
Good idea, this could be incorparated into something deaf people could use to let them know when the phone is ringing etc.