Seeing as this watch seems to be getting a resurgence in popularity, I decided to prepare this for all the new owners. This article can also be found at http://pugwash.cat5.org/articles/gst/
You will need specialist tools for this task! Yes, that's right, you need two toothpicks or similar. I'll wait while you go get them.
Look at the inside of that superbly designed bracelet. Best in the watch game, in my opinion.
Press a toothpick into one of the dimples, forcing the spring down.
Push the second toothpick into one of the side holes ...
... which forces the pin out.
You should be able to pull it out by hand, but if not, toilet paper wrapped round the pin and gripped with pliers does the job without scarring the pin.
Pin removed.
Repeat this on an adjacent link and remove it.
To put the strap back together, push the button in and slide the pin into place.
This is now complete. You've removed a link.
One of the links is one-and-a-half links long, for fine-tuning the size to your wrist. Remember to check the fitting throughout the day as your wrist can expand as the day goes on, so don't have it very, very tight in the morning.
You may notice that my watch is weathered; This can be buffed out very easily, but I prefer the character, to be honest. Titanium is gorgeous.