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It's really a matter of personal preference. I haven't been able to find much on the Moto 360 (they seem to be keeping a bunch under wraps(I could be looking in the wrong places though)). But I assume it has a LCD screen. Which is potentially hell for battery life. The Pebble has around a 4-5 day battery life for me. This isn't constant text messages though.

Another thing you might want to keep in mind: Moto 360 will only work on Android. This isn't a negative for most people, except for those that might want to get an iPhone in the future. Pebble works with both (for the most part (from what I've heard, I have only actually experienced the Android side)).

Moto 360 only supports Android (from what I can tell)

where pebble is compatible with everything.

although a touchscreen in a watch might be a great idea if done well.

I would wait to see the price and the battery life of the Moto 360. My Pebble lasts me around 5 days. The Samsung smart watch lasts 24 hours and is much more expensive.

Archos is working on a $50 smartwatch it will release in the summer. Unless you're interested in premium products in general ,it might make sense to wait.