Phandroid, which appears to have an inside source on the matter. The news is that the update will come as Android 5.0.1, and will include the updates that we had heard about in a previous leak. This would mean a number of improvements to make Android Wear easier to use, like easier access to battery and storage info, an option to restore dismissed cards, quick screen brightness toggles (regular, theater mode and sunlight mode), options for the visually impaired, and the actions menu will be reordered based on usage.The news comes from
There is also a new rumor that the update could "drastically improve battery life" for some Android Wear watches. And, it will probably become a running theme with Android Wear that each update will end up bringing new watch faces to various devices. Unfortunately, there's no word on the official watch face API, so it sounds like we might have to keep going with FaceRepo.