Completely agree with you. It's 2 days I'm trying to find some REAL excuse to spend so much money for the Apple Watch instad of the Pebble (the only one alternative, for me). And unfortunately I couldn't find them. First, let me say I like watches with plastic or silcone band and I really don't like leather or steel bands, so my choice would have been the Apple Watch Sport.
Speaking of mere money, from Kickstarter the Pebble Time can now be bought for 179$ + 10$ and the Apple Watch Sport 42mm for 399$: a difference of 210$. Unfortunately, I live in Europe and the exchange is very different: the Apple Watch Sport 42mm will cost us 449€ (from Apple Store France site) or, if you prefer, 476$ (77$ more than the US Store) for a total of 287$ more than the Pebble Time. And maybe in Italy the exchange will be even worst.
And this is only the economic aspect. Then there's functionality: and here I am again 100% with NeilHD post. Battery life for me is very important and many of the other stuff seems to me more like an excuse than a real functionality (photos on my watch, why?). I really like the Apple Watch but I don't think that 287$ are worth the functions that I can already find, in a different way, in the Pebble Time. I'm 90% sure that I will buy V2 or V3 of the Apple Watch in the future but, for now, I don't think it's the perfect product for me. Sad about this