Looks somewhat like a ruler. A line across the center of the screen indicates 'now'. Time (the ruler) slides by under the line, with the current time being at the center line. Marker lines are every 5 minutes, with the hour number and 30-minute mark shown as big numbers.
The user's 12/24 hour display settings are honored. If you've configured the Pebble to show time in 24-hour format, it will.
This only works on Pebble 2.0.
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Version 1.2: Added Settings support so you can set the background color.