I sure do like the idea of this collaboration. It seems to me that it is a good way to promote both brands. With wood being the link between the two, they could have a nice promotion with this.
I don't think that a watch company like Omega would to this with Taylor, after all they have that NASA, and James Bond collaboration that seems to be working well for them. TAG has a new venture with Porsche, and the Carrera line.
For me I would gladly set one of the these next to my Speedmaster in the watch box, I think they look pretty good. I don't foresee wood watches making a big comeback, but they do offer a nice connection with two of my hobbies, guitars and watches.