I have come from the Pebble and Pebble Steel. Some short comparisons with that:
1. This thing needs an ambient light sensor. Having to dim the display at night and wind it up again during the day does my head in. The e-paper of the Pebble was readable all the time, day or night (with the backlight). I might to have to look at some tasker integration (but I shouldn't have to). I may not be able to use it at work as in the dark work environment it throws off heaps of light.
2. It is "more useful" than the Pebble. Things generally work better. The Pebble was pretty much all push from phone to pebble. Android Wear has a lot more interactivity. Being able to actually do stuff on the watch that relates to the internet is good. Things like a calculator which works amazingly well are great.
3. Wear is getting there. Swiping the correct way took a while to get to used to.
4. Low uptake for Wear is a problem. There is going to be a squillion people buying Apple Watches in April. They are all going to tell us how amazing their Apple Watches are which do all the same things do that Wear was doing 6 months ago.
5. Battery life. Coming from the pebble I used to throw the pebble at the charger once a week. Now it is charge every night. This is not really a problem just different. I would love to see a weeks battery life on these things.
6. Water proofing. Sure, It is IP67 but I am not going to jump in the pool with it. The Pebble doesn't care what you throw at it.
In summary, it is great but not mind blowingly awesome. The Pebble definitely has some pluses... Which to keep..... Oh the agony of First World Problems!