Nokia introduced Wibree today as an open industry initiative extending local connectivity to small devices.

WiBree is using very little energy and therefore cheaper to implement.
Nokia says that Wibree is the first open technology offering connectivity between mobile devices or Personal Computers, and small, button cell battery power devices such as watches, wireless keyboards, toys and sports sensors.
The first commercial version of the interoperability specification with WiBree will be available during second quarter of 2007.
More details in this Nokia press-release.