Ventura Watches[1] uses a similar mechanism to configure their watch. It is called Easyskroll (TM) and was patented in 2002 under 2002CH-1962 [2] so Apple may have a problem here.
With about 100 years of prior art for configuring the settings on a mechanical watch I don't think that patent should ever have been granted, nor do I think it stands much chance of survival once they try to get money out of Apple.
[1] http://www.ventura.ch/
[2] https://www.google.ch/url?sa=t&source=web&rct=j&ei=KScQVKCwL...