I was an early backer of the original Pebble. While the company had some support issues early on, they have hit their stride and are generally thought to be well run now.
The product itself is great, and does exactly what it should do at its price point. It's not a "...and the kitchen sink" smart watch, it's the "does exactly what I need, and no more" smart watch. Each software update has made it even better, to the point that the interface is ultra fast, and it's easy to do what you want quickly. I've been wearing mine daily for nearly two years now. Yes, I would LIKE some more functionality. Basic color screen is one of them. I don't need to play games (although an occasional round of Flappy Birds is a distraction during boring meetings,) or watch videos. But color can convey more information more succinctly. Hopefully it is as good as the demo videos make it look.
But, as others have pointed out, the original Pebble is kind of ugly. I have a third party band on mine, which helps, but it's still on par with a cheap plastic watch. The Pebble Steel is great looking, but without feature improvements, it wasn't worth the 'upgrade' cost to me. This is ALMOST as good looking as the Steel, way better than the original. (I've owned quite a few watches, but style has never been a huge driver for me. I just want a "basically aesthetically pleasing" look. And I've never spent more than $150 on a watch.)
Between the color screen and the improved aesthetics, this has sold me on it. Plus, getting the early bird pricing, it's not outrageously priced.
The last intangible is the new "smart port." It will be interesting to see what people come up with for this. I can imagine a band that has an optical heart rate sensor in it, for a start.