The problem with the Pebble (speaking as a Pebble owner) is that it's very, very limited in what it can do. It works okay as a display, but that's about it. I bought mine to basically use in lieu of a bike computer while cycling, and it's great for that, but it couldn't really do anything interesting.

I can see that I got a text message on my Pebble. Awesome. The problem was I couldn't do anything with it. Can't dismiss it on the phone. Can't reply to it.

Android Wear looks like it addresses the major problems I have with my Pebble. If pricing looks sane there's a good chance I'll be ordering on of the watches going up for sale today.