Its a Victorinox Swiss Army Officers Brand watch with the red frame benzel in season 1-3. They have not made them for about 5 years now. I have one of the Steel watches I bought about a year before the series began. They sold the original watch in an eBay auction. I have not watched the current season, schedule conflict with my kids activities. So I don't know if they have a newer one now. Looking forward to the DVD release this fall to catch up on the show.
About the closest I can find to it tis this one:
http://www.watchzworld.com/swiss_army_original_24221.html
This is the "Original" design currently available, the Officers had a steel casing.
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