That's the point!, power consumption is directly related to clock speed, so by using a slow clock you reduce consumption drastically. Obviously the program will run fairly slowly, but often that doesn't matter, battery life can be far more important.
PIC's even have an LP clock mode (Low Power), designed to use 32KHz crystals.
Yeah, I got that 1 nigel, sorry, just in a bit of a "off at a tangent" kinda mood today, you may have trouble staying with me..... not that you probably would want to....
OK so the "grown up" answer, don't sell the watches on ebay and make a fortune, strip them down, solder very fine wires to the very short ones on the ripped out watch crystals, fit them to your PIC circuit and marvel at the fact that for 1/2hr's work you have saved 20Cents and re-cycled an otherwise redunadnt piece of stock.... :wink: :lol:
Oh yeah, and make yourself some timers, bit like a watch really only not as pretty and probably more painfull to wear on your wrist...... :wink:
So in answer to the original question........ what was it again???