These watches contain a microminiature radio transmitter opeerating on 121.5 MHz, the civil aviation emergency frequency. What you hear in that video is its transmission. The watch contains an antenna (in the little tube on the side) that can be pulled out. IN the video, the little box with a speaker is a receiver tuned to 121.5, so that you can hear the transmission (I'm not certain whether the gen is sold with the receiver or not- seems superfluous, as the signal can be received by any aircraft communication radio. Looks like a dealer goodie to me.)
Every civil aircraft in the US (Canada, too) has an emergency locator transmitter installed, operated by the impact of a crash- well, sometimes even a really hard landing! - it transmits that descending series of tones you heard.
My opinion- I'd hate to have to rely on such a small, low-powered signal if I wuz in trouble. Seems to me to be more of an expensive gimmick than a really useful feature.
And the reps? Nope, no transmitter.