And this is supposed to be a good thing?
Yes it is. They are under zero obligation to do any of this, since they didn't buy Pebble the company, just some of the IP they held. They have also stated that the apps will be updated to reduce their dependence on external servers so the watches may last longer than that.
Is it as good as having them continue the Pebble brand? No.
Is it better then the app disappearing from the app store and the watches all bricking? Absolutely.
Prediction is very difficult, especially of the future. - Niels Bohr