Although the screen is the same size, the watch itself is smaller and lighter.
It's 20 percent thinner at 9.5mm, and it has a metal frame.
The watch strap is a standard 22mm, so it can be swapped, but a new pin makes it easier to switch them out.
The Pebble Time will come in three colors at first: red, white and black.
Like its other iterations, the watch aims for a seven-day battery life, is swim- and shower-friendly, and has physical buttons.
New features include a color e-paper display that has a faster refresh rate than Qualcomm's Mirasol screens, capable of animation running at 30 frames per second.
The display is meant to look good in everyday light and has a backlight as well.
A microphone allows voice-to-text translation, which will let you respond quickly to messages, much like Android Wear.
Pebble Time runs a revamped type of OS, using time itself as a metaphor. Instead of scrolling apps, the new Pebble OS runs off a timeline.
The top button scrolls back in time, the bottom forward. Notifications, appointments and Google Now-like info pings get pinned along the timeline, and you click on one to open up more information, almost like a mini-app.
The smartwatch is still compatible with iOS and Android handsets, so you can control apps like the music player.
You can accept or decline incoming calls.
You can also check stocks on your Pebble Time.
The Weather Channel and ESPN are on board to serve notifications to the device's new OS, with more services to come.
As for watchfaces, unlike the current Pebble, you'll only install one at a time. This time around the Pebble wants you looking at info, not clock designs.
The Pebble Time (right, with the original Pebble on the left and the Steel in the middle) is available now to pre-order on Kickstarter, a move designed to appeal to early Pebble adopters. For $159, you can get one by May. The Pebble Time will retail later on for $179 and then $199, the same as the Steel (which is £179 in the UK for comparison; UK and Australian prices are yet to be announced).