1. Letting you know when your phone rings and giving you caller ID info
2. Email notification and reading
3. Calendar alerts
4. Facebook/Twitter alerts for your social needs
5. Weather alerts
6. Silent vibrating alarm and timer
7. Music Control
8. GPS for speed, distance and pace data
9. Who knows? They are providing the SDK to developers who are interested to create apps for it
It comes with various watch faces that you can go download together with the sunlight friendly e-paper display you see on Kindles, making this outdoor friendly. My only gripe is it will not support SMSes for iPhones, only Android. Even though they claim that Apple does not release the info, Im sure Jailbreakers can find ways around this, such as auto forwarding SMSes to an email.
Of course, the watch by itself does not really add functionality to your iPhone per say, since all the above benefits I stated may be done directly on the phone. However it makes your phone that much more fun to use. I can especially see iPhone docks finally becoming popular since you can finally control it by remote, especially when it is a remote you wear all the time.
1 point to note though, is that despite their claims, it is not the first watch that lets you use your phone in such a manner where the first would be I'm Watch, which honestly provides loads more functionality. However once you look at I'm Watch's price tags and take in that deep breath, Im sure you would think Pebble is a lot more wallet friendly.
If you are interested head on down to the project page now and go back it! Over 7,000 backers have already placed $1,000,000 dollars in the project and within 28 hours so get to it. (Already at $1.8mil in less then 2 days)
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