Little bit of an update:
My pebble finally died last night, so it lasted about 5 days. I checked for low battery all day yesterday but when I woke up it was dead, so I don't think the battery indicators are really that effective. After about 30 mins of charging it looks to be charged enough to last me through the day but we will see.
I did some testing last night with bluetooth range and I did find some issues with notifications after my watch had left bluetooth range. My first test I placed my phone on one side of my house and walked to the other 40 feet or so away and lost connection. When I returned I was not getting any alerts but text messages, I did some notification toggles on and off and now it works again, so there does seem to be some issues there.
I forgot to mention my phone is jailbroke, so i went and downloaded the BTNotificationEnabler... I guess there is no configuration but every since I installed it everything works like a dream.