What a cool concept. Some Brown University students were inspired by their own sleep deprivation to develop a "clock that wakes you when you're ready." I'm just not sure how I feel about having to wear a headband equipped with electrodes and a microprocessor to bed to make it work.
Just read about this on BB. There is actually something already out there called the SleepTracker... it's gotten a pretty good review, too. I WANT ONE! (No chip necessary.)