It is definitely worth it.
My dad and I own a jewelry company so I buy all my watches wholesale. I had 42 at last count and I'm starting to think I should see a counselor. I go to the closet to decide what I want to wear and I can make the choice of anything from a cheap Fossil to a Citizen Eco-Drive to a Rolex Deep Sea. I pick my Pebble Steel for regular wear 99% of the time.
That's not to say that the Steel has the same "quality" as the Rolex by any means but for every day wear and use the Steel is actually quite a bit better. It's right there with every watch in it's price segment and matches up quite well even with watches in the $600-700 range.
The only glaring thing I don't like is the band but it's no worse than anything else typical for its price point.