I got a silver Pebble Steel about a month ago and I'm completely in love with it. Small, discrete, smart and elegantly designed, it gives me notifications without ever becoming too much. So yes, functionality is limited, but more to the point it is focused. If I want something more I can always just reach for my phone - so I don't have to contend with the overlap.
The Pebble allows me to have my Android phone on silent, displaying who's calling without having to pull the phone from my pocket, as well as emails, hangout and sms messages. Oh and by default it displays the time. This is perfect for my usage.
As opposed to the new batch of "Gear" products, the epaper display is always on, looks razor sharp, and the battery is fantastic lasting from 5 to 7 days. When my watch gets a low battery warning, I have what must be a full charge of a Gear device remaining!