While this mnemonic has been used for as long as anyone can remember in various forms, I'm amazed that you have $25k in backers lined up to pay $7 a piece for what basically amounts to a two-tone washer.
It just sort of underlines the lack of self discipline that you talk about in your blog post. People are always looking for the quick fix for their lack of self control. Instead of creating and sticking to their own improvement plan, they want to believe that by buying this bracelet they're going to actually improve themselves.
Instead the bracelet will be taken off, or forgotten, or ignored. These sorts of tools have existed in many forms since the advent of everything. If any of them really worked, they'd be household staples. Instead they're ankhs for the uninitiated.
One good side I see to this is that it forces people to embrace or at least acknowledge their own lack of discipline, but I don't think the solution will have any real permanence.