The allure of having a smart watch like the Pebble is more than just having a watch with more display options: it's apps. Now, with the release of the Pebble SDK, the apps can start to flow.
The SDK gives developers access to and control over the watch's 144×168 1-bit display, a 3-axis accelerometer, a Cortex-M3 ARM microprocessor, and messaging information, though that's only on Android. Reactions to the Pebble have been sort of lukewarm so far, so hopefully an influx of apps can spice it up. Hop to it, devs.
Update: On closer inspection it's just the watchface SDK, so real full-fledged apps are still somewhere in the undetermined future. Bummer.