There are Chinese companies working on similar products, for example WeLoop[0], Goclever[1].
People are already working on open-source firmware for some of these watches[2], so I think there's a reasonably good chance that either some of these companies will create a decent alternative to pebble, or at least good enough hardware which can be used with community-developed firmware (and even more importantly: apps on the phone side).
[1]: http://www.goclever.com/uk/products,c1/smart-wear,c114/