I just got the Gear 2 before the Gear Live was announced and am trying to decide whether to make a switch. But to do so, I really want to understand all of the differences, so here's a list I'm starting -- please comment and add any other differences of which you are aware:
Gear 2: Clock face turns on when you raise your arm
Gear Live: Clock face is always on
Gear 2: Camera
Gear Live: No Camera
Gear 2: Button on front
Gear Live: Button on side
Gear 2: Speaker
Gear Live: No speaker
Gear 2: Can make or receive phone calls
Gear Live: Phone call ability is limited due to lack of speaker (I think)
Gear 2: Tizen OS
Gear Live: Android Wear OS
Gear 2: Limited to Samsung Android phones
Gear Live: Works with any (current) Android phone
Gear 2: Clock face turns on when you raise your arm
Gear Live: Clock face is always on
Gear 2: Camera
Gear Live: No Camera
Gear 2: Button on front
Gear Live: Button on side
Gear 2: Speaker
Gear Live: No speaker
Gear 2: Can make or receive phone calls
Gear Live: Phone call ability is limited due to lack of speaker (I think)
Gear 2: Tizen OS
Gear Live: Android Wear OS
Gear 2: Limited to Samsung Android phones
Gear Live: Works with any (current) Android phone