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Yep - the bracelet with half red links that it comes with (I think you've got this model haven't you)? The bracelet is held on by springbars - if you look at the back, you can see the springbars through the gap in the end link - it's just like a normal strap/bracelet removal.
There's a load of stuff on the internet about what a nightmare it is to get the bracelets on/off but having frigged about swapping an Oyster bracelet on and off the ExpII, a G-shock holds no fear for me.
The one imaged? How do you take off the bracelet??