The Pencil is overpriced for what it actually does. You can get a cheapo stylus for $5-$20 that will do enough for writing and drawing, assuming your use cases are mild and you're not expecting many pen features.
If you're expecting to draw even a moderate amount, pressure sensitivity is nice. Adonit would sell a pen like the Note+ or Pixel for $70-$75. A bit of a price bump, but still way way cheaper than a $170 Pencil. The tips are also narrow; their cheaper pens use a thicker tip or a disc for touch, which I think is terrible for any precision writing or drawing.
One caveat with advanced pen features: making sure the apps you're using actually support the pen and its features. I bought a Note+ for the tilt and side buttons, but have only found one competent app out of a few others that supports the pen's tilt, and it wouldn't detect the side buttons. Tilt is more important to me so I don't think it's a major loss, and it's still more or less on par with all of the Pencil features.