It's pretty, but they're continuing to compromise core features (waterproofness, battery) which make Pebbles unique, while their software and abilities and displays lag far behind the pack (partly due to vendor lock-in).
I loved my OG Steel. But they won't compete against the Apple Watches and Moto 360s of the world by mirroring their shortcomings and price while providing none of the deep integration, apps, and features.
I think ultimately, the Pebble line will need to become the leader of the "Smart-ish" watches. They'll display notifications, and allow some very limited interactions, but will always be more watch than smart. This will work great for non-geeky people who would love to get notifications quickly and silently, while still retaining the advantages of a more conventional watch (don't worry about charging, water, durability or daylight).
Then, the wrist computers (e.g Apple Watch or Android Wear) will exist for somebody who wants the geekier, app-ier experience and will take some compromises for it.