Ok, so really, why have a clock that is in binary. I can't read it any faster. In fact there are enough timepieces around me that I really don't need another clock at all. The only reason that I like to have it is because it is fun to brag to my friends and co-workers "hey, I can read the binary clock".
Really though, there are some practical uses. I do have it in a dvtm session so I can see the current time at a glance. I also am getting way better at reading binary.
Install was fairly easy. I downloaded the tar from here and untared. Then run the binclock.py and you have the clock. A couple of side notes. I did have to edit binclock.py so that the begining read: #! /usr/bin/python. Prior to doing that I got an error. Also, so that I would not have to type the full path to the py file I did a symlink to it from /usr/local/bin and now I just have to run binclock.
I picked this binclock over the one in the ubuntu repos for one simple reason. Looks. Really, if you are going to have a binary clock so that you look cool to those that don't read binary why not have one that looks good? I would even contend that it must look good lest you look like a dork. Gotta protect your image here.