I used to have trouble with it dropping the connection a lot, but it hasn't been a problem lately. I recommend adding the 3rd-party Pebble Notifier app to limit which notifications get sent over. It even has Tasker integration.

Edit: there was one case where a Pebble update didn't work (maybe got interrupted) and was basically bricked until I connected it to a friend's iPhone. So I would say overall, the Android version is a second-class citizen, but generally usable.

I've had the watch for some months now, and it works great with Android! With 4.3 and up, use can dismiss notifications on the pebble and they will be dismissed on the phone as well (using Notification Center). I use it to set timers on the watch (using Simply Alarm Holo) and also recently I've using it to track sleep with the Sleep as Android integration. And the biggest attraction to me for it is that with PebbleTasker you can trigger any Taskeer task you have set up to do pretty much anything you can think on your phone.

It doesn't seem to be quite as polished as the iOS version and I don't think it's using BT-LE, although at the moment I can't remember if the Pebble was supposed to.