Good review, Denny. I'm really impressed by the Pebble. They kept it simple, but it's well designed and does everything it needs for now. I'm also looking forward to seeing what apps come out for it, and maybe to trying my hand at some development once a less hack-y SDK comes out.
This is my currently most used Pebble Face, though I switch to some of the word based ones on occasion: LCARS v1 (based on the computer system LCARS from the Star Trek series).
Enidigm, I understand what you are saying, but the Pebble goes one step of convenience above the phone on vibrate solution. First of all, I had gone back to wearing a traditional watch in the past year as I was tired of having to extract my phone from my pocket simply to check the time. But what's really nice with the Pebble is the added benefit of those notifications on the wrist. Over the past few years, I've missed quite a few calls or messages from my wife as I don't always feel or hear my phone vibrate/ring when I'm out and about (or when my 6 year old daughter launches into one of her long discourses on life, the universe and everything). In the past week, I have missed nothing. The moment I get a call / email / text, my wrist vibrates and I can see at a glance what the source is. The watch lets you scroll through some of the text if need be, but I find that the main value for me lies in being able to check the first couple of lines. That's usually what I need to know whether I should do something about it or simply dismiss it.
Also, when you are in a long running meeting, or when out in the evening, it's much nicer / more discreet to be able to check a notification with a glance at your wrist than by taking out your phone. It's completely silent and you can't miss it. Same thing if you are out watching a movie and wonder whether the vibrating phone call is from the baby sitter.
I don't think a smart watch is an absolute must have. But, like smart phones, it starts out as a nice to have convenience which can quickly develop into something that's hard to give up. And you don't need to have such a busy lifestyle for that.