Brer's PowerOfBabel blog has a few words on the fantastic pocket watch:
Pocket watches have been around, surprisingly, almost as long as printing itself; it is not surprising, then, that they keep popping up in works of fiction, and perhaps especially fantasy fiction. Read or view a work of Fantasy (and I include under that unfortunate rubric Horror and Science Fiction as well as works dealing with Magic) and sooner or later characters of a certain port or gravitas will haul out a chronometer to consult. I would like to consider several examples and and explore the uses to which the fantastic pocket watch has been put.