Colin is right, there are a bunch of octopus that have ocelli( false eye spots). O, bimaculoices, O.bimacuilatus, O.fangsiao, O.exannulatus, O.cyanea, O.maya, O. oculifer are a few. There are no doubt others. There are several that have blue ocelli O.bimaculatus, O.bimaculoides, O.mototi and O.filosus are a few of them.
Perhaps the species you mention as being sold as baby octopus is O.aegina. Mark Norman states this specis is one of two that is trawled out of the Gulf of Thailand at more than 10,000 tons a year, frozen and exported around the world marketed under the name "Baby Octopus". It is then treated in fishery statistics as O.dollfusi.
O.aegina have no ocelli.
-chris:smokin: