The e-ink display is the killer feature. Week-long battery life and always-on readable display even in direct sunlight. Every other smartwatch is a tiny phone screen that dies in a day. Pebble chose the opposite trade-off: less flashy but actually useful as a watch. The open SDK and hackable firmware are the other half - you can write watchfaces and apps in C, which attracted a dev community that most wearables never get.
My old pebble lasted a week. I got one of the new ones in December and so far I've only had to charge it once!