That Kickstarter policy update was in response to the rising levels of failed projects on the site. It was an attempt to fight off bad press. Of course, it turned out to be pretty toothless (Just take a look at the joke of a 'risks' section of almost any kickstarter project. That section was also introduced by this udpate).

I'd agree with you that Pebble probably have a better chance than most at delivering on their promises, but as people have commented elsewhere, Pebble are only really back on KS as a promotional exercise. This is not really comparable to most other KS projects.

Still, it's one rule for them, another for everyone else. KS are doing well out of this promo too.

Perhaps someone should go and report Pebble for their other rule-breaking? Those watch pictures at the top of the page are clearly computer renderings. "If a simulation or photorealistic rendering is discovered after a project launches, that project will be canceled." :)