This is a little sparse on details, but the original project is define here; 
Here's the rough parts list from the blog;
* Arduino Mini Pro * USB-Serial converter * 12x TLC5940PWP (SMD) Led drivers * 60x RGB SMD LEDs * DS1307 + battery to keep track of time * Loads of circuitboards (12 black ones and 60 white ones)
Obviously, we'll need something more concrete for construction of one of these. I wonder if we can use an Arduino Nano to replace the first 2 items. We could do a custom shield to hold the DS1307 and a small battery for backup power, and connectors for LEDs
UPDATE: 12/4/13 I've ordered the 60 nanopixel string mentioned below. I've also determined that the adafruit trinket board can power the LED string and interface to the RTC chip, so I think that's going to work fantastically! It also supports USB natively.
UPDATE: 11/14/13 It seems like this product from adafruit industries would really make this whole project a lot simpler! http://www.adafruit.com/products/1461 It is a 60 RGB led band that can easily be attached in an enclosure. Now, to find a simple enclosure or maybe come up with an easy way to cut the plastic on a band-saw.
Construction Notes: The ring of LED bezel's appear to be separate. If we try to use one or several pieces of plastic (acrylic?) to avoid having 60 separate blocks, I think we'd end up "bleeding" too much light to adjacent positions. It might cut costs to avoid all of the connectors that were used. It makes it harder to service, but these things really shouldn't wear out.
TLC5940PWP - LED driver - http://focus.ti.com/docs/prod/folders/print/tlc5940.html (samples ordered) driver library: 
DS1307 - real-time clock - http://www.maxim-ic.com/datasheet/index.mvp/id/2688 (samples ordered) - helpful 
Arduino Nano - instead of Pro Mini bc. includes USB - http://www.robotshop.com/arduino-nan-v-3-4.html
Laser cut parts - one source of many that google returns - http://www.customlasercutting.com/
11/12/10 - received 3 samples of the LED driver in DIP package. should be easy to bread-board an develop the display portion