Update: Motorola posted more concrete details on the Skip in an official blog post. It's made out of fabric, not metal, which implies that the clasp uses a couple of magnets. On the plus side, the Skip includes three "dots" - NFC stickers that can be paired in the same manner and bypass a lock screen or PIN. The Skip will be included free with Moto Maker purchases.
Near-field communication has some pretty cool applications.