The original Pebble is ok. It does a few things and does them well, for a good price. This looks a lot better. I can't say it's a must buy at this stage, not with Apple Watch around the corner. Must wait and see.
This is a really good idea, but at a starting price of $150 it seems horribly overpriced for a simple gadget with no electronics as far as I can tell.
For $29-$49, I bet they could sell a lot of them, and then get people hooked on buying film. It would be a really cool present for sure.