The Smart Band-Aid is a device that sticks on your body and has sensors built in to measure your heart rate. The system is capable of tracking beat-to-beat heartrate monitoring while performing real time analysis.
It is also believed that the band-aid will also wirelessly connect to other devices so you could wear the patch while working out and attach it to an iPhone for example although it isn’t clear yet how commercial this particular product will become. Perhaps it will just stay in hospitals and be used to monitor patients for example.
Not much else is known about the device other than it’s capabilities to more easily monitor how the heart is doing. Ubergizmo have a fuller list of features which can be found here.