So yesterday I traded in my Moto 360 (due to a failing battery) for a Pebble Time. There are some things I really like and some things I don't like. I had my 360 for 9 months and I've only had the Time for about 24 hours, so keep that in mind. My thoughts and impressions below.
1. When the backlight is off, the e-ink display is not nearly as readable as they make it look in the store. It IS very crisp and clean with smooth animation, but because this is more of a transflective display than the kind of e-ink you see in a Kindle, it doesn't do well under certain light. That said it is still more readable than ambient-mode on the 360 and shaking your wrist turns the backlight on, which makes it very readable in all light conditions. I'm sure I'll get used to this, it's just different. You also have the added benefit over an Apple Watch and most Android Wear devices that it's not a blank screen when you're not looking at it.
2. I like the buttons a LOT. I've always thought the idea of a touchscreen on a smartwatch was dumb, and I have to hand it to Apple that they realized this too which is why they added their "crown." The screen is necessarily so small that any kind of swiping, tapping or pinching is guaranteed to be awkward. The buttons on the Pebble Time, however, are very nice and intuitive to use. Using the pebble feels far more natural than using the 360.
3. OS design is very well done. You'd think from still screens and the efficiency design that it would feel like using a feature phone, but it's really not. There are all kinds of nice little touches and animations that make it feel like the modern OS it is.
4. I miss certain built-in features of Wear. Some of them, like the Google Maps navigation mirroring, can be recreated with apps, though you will probably become somewhat annoyed by the profusion of "companion apps" you'll need to have on your phone if you have a lot. One that I think will be most felt by people without a Motorola phone (I have a Droid Maxx, so I'm good) is the lack of always-listening voice input/dictation.
5. If you're looking for a fitness tracker, best to buy a separate device for this purpose if you get a Pebble Time, as it's only fitness feature is a half-baked pedometer. The good news is that some of the more popular fitness apps and devices can be synced with Pebble Time. I purchased a Jawbone Up3 to go with my time and so far it's working well. The biggest drawbacks I've encountered are that RunKeeper can be paused/resumed from the Time, but not stopped-started. The Up3 does not require workout starts/stops because it knows when you're working, but if you're interested in the Up3/4, the heart-rate sensor is only active during sleep-mode. Fitbit may also work well with the TIme, I'm not sure.
6. Going from wearing the Moto 360 to the Pebble Time has the same feeling as going from wearing a very nice mechanical timepiece to wearing a mid-range digital watch. That is to say, the Time does not look or feel like a fashion statement the way the 360 does. It is also a bit lighter and more plasticy. But at the same time I don't freak out every time I brush it against the edge of my desk or smack it against something. It's just more utilitarian, which is not a bad thing. One nice thing about going form one to the other is that my old 360 watch bands fit the time. This is very good for me because the time comes with silicone band, which is actually not terrible by silicone band standards, but still not my cup of tea. So I've put the black leather 360 band on instead. I feel like my metal band would look great with the Time Steel, but that wasn't available at best buy, so I guess I'll never get to try it.