I've been wearing a Pebble Time Steel since they shipped, well, except when I sleep, and quite like it. I looked at the Apple Watch and there were many things that I didn't like: weight, price, and UI. I want: an alarm, a count down timer, and a display that I can read without having to put on my reading glasses. This is a major point -- I had cataract surgery a couple of years ago and I need a big, blocky display. With the widely-available dev kit for the Pebble, the watch face that I needed was available on the day that my watch arrived in the mail. The silent alarm is a nice feature: I described it to a friend of mine who is a pilot and he thought that would be very nice for telling you when to switch to your aux fuel tank.
But the most important thing that I wanted: solid steel body. I spent over $300 on a Seiko back in the '90s. Solid steel back, base metal body. My perspiration worked around the back, corroded through the body, and destroyed the watch. I don't have that fear with my Pebble Time Steel, and it cost less than that Seiko, especially when you convert dollars to 20 years later.
It all depends on what functionalities that you need and use it for. For some, the Apple Watch is quite terrific and spiffy. For me, I'm quite happy saving some $$$. If a watch offers features that I never use, that isn't a deal sweetener for me.