You can now adjust the backlight intensity of the Pebble Time. The chance comes after a recent firmware update bringing the smartwatch to version 3.2 of Pebble OS.
In order to adjust either setting, your Pebble Time watch will need to be updated to version 3.2. Launch the Pebble Time app on your device and it should prompt you; if not, go to Support > Update My Pebble Time.
Once updated, click the middle button on the watch, then select the Settings card. Scroll down the list until you find Display and select it with the middle button.
Two new options will be present in this list: Intensity and Timeout.
Intensity is better described as brightness, as it adjusts just how bright the backlight is when active. I found the Blinding setting to be the best out of the four options. Clicking the middle button cycles through the various settings, with the backlight adjusting along the way.
Timeout determines how long the backlight stays on when activated.