I love the look of the Pebble Steel, and I'm so glad I didn't buy the original plastic version in December. It looks so much more classy and discrete - unlike the original which just screamed "plastic" and to some extent, "nerd".
That said, a $100 bump in price for what is essentially the original Pebble with a steel casing, double the memory, and a RGB led is a bit much IMO. I'll probably end up buying one anyway when it goes on sale. But, the original Pebble really did do what it was designed to do exceptionally well - unlike a certain Samsung watch which tried to do everything, but did nothing well.