Omega Seamaster "Fat Lugs," ca. 1958
This model features a bumper automatic movement (also known as "hammer-wind"), a precursor to the modern full-rotor automatics. In a full-rotor automatic, the motion of the wearer's wrist causes a weighted rotor to swing freely on a pivot, like a wheel; this motion winds the mainspring powering the watch. Earlier automatic movements, like this one, featured a weight that was limited to a semicircular arc - in this case, around 270 degrees. When the weight reaches the end of the arc, its motion is dampened by springs at either end of its track, imparting a noticable "boing" to the wearer's wrist.
Paul Delury provides an excellent narrative of the servicing and reassembly of a similar model at TimeZone.