Received as a Christmas present, I have been wearing this watch ever since. Did I really need a Smartwatch? I didn't think so at the time, but I'm really finding that it comes in handy for finding out why my phone is vibrating without having to take it out of my pocket. It also shows me notifications while driving as I almost always have the Waze GPS app running on my phone.
There have been probably three or four updates to Android Wear since I've gotten it. It keeps getting better and better. Setting new watch faces was a challenge early on as you had to deal with separate apps for each watch face. This has been consolidated in Android Wear. There are still a few that haven't updated their app, but they should get to it eventually.
I keep the display always on so I can see the time and last notification. It displays in a dim monochromatic way. When the watch is "woken up" I get the full color display and notifications. Battery life has been GREAT! I go through my normal day and still have over 50% battery life available. I hear Moto 360 owners aren't so lucky.
More thoughts will be forthcoming...