I'm upset by this news as well, but considering the other stories about the bottom falling out of the smart-watch market, I'm not surprised.
I backed the Pebble Time KS and I've worn it daily since I got it. I even wear it at night after the release of Pebble Health for the sleep tracking. I love it. I love the screen (Even though it's only 64-colors, it can be read in bright sun and complete darkness with the backlight). I love that it's waterproof (I've had it in pools and the ocean). I love that with my normal level of usage (over a hundred alerts per day, sometimes several hundred) I still get 4 days of use between charges. I love the few apps that I have installed on it and use them all the time.
I backed a PT2. I want the bigger screen, bigger battery, and the HRM. Its ship date has slipped, with no notice, and now the company is being bought by a company that likes to kill its purchases. I'm not happy, but I'm holding out hope that the PT2 will ship and the software will stabilize. If nothing else I'll keep using my existing watch apps, and hopefully the developer community won't dry up too quickly.