Usability depends on the material used, stainless will be too soft, hardened steel would work but that will have a rust/corrosion problem.
Maybe 17/4 PH would be OK or some of the higher alloy's like titanium, this will not corrode and has enough strength.
The video implies you can take this tool onto a plane. I'm not so sure. You would have to take it off going through the metal detector. I could then see an official, not knowing really what to do (probably haven't seen anything like this before), confiscating it. At that price you wouldn't want that to spoil your flight!
Most people wear belts, just buy a regular Leatherman and belt case and wear it on your belt everyday if you don't want to be caught short without a bottle opener
Considering your level of experience I'm sure you know better then that Phil...I've seen enough injuries from simple wrist watches to state that, for riding at least, this is the dumbest idea I've ever seen when it comes to wearable junk.
Besides...for the price of Leatherman tools there are much better quality tools out there. Nuff Said...
Agree with Alex that this bracelet is dangerous, in petrochemical industry you are even warned to leave your wedding ring off!
The danger of it getting caught in machinery or behind a brake or clutch lever in case of an off could result in breaking your wrist (or worst).
This is a much bigger risk than the bracelet being a really usable tool in my opinion.
There are better toolkits that can be stored in better locations against a better price and at a much lower potential risk.
But as a gimmick I do like it! Pretty sure it will sell well and many Chinese copies will float the market quickly.