Motorola list of fixes for those who have not seen it yet.
Moto 360 Release Notes (December 2014)
INTRODUCTION
We are rolling out a new Android Wear software update for Moto 360 by Motorola. With this update we have added support for new features and fixed some issues to improve your experience. For more information on Motorola updates and repairs, visit motorola.com/mymoto360.
NOTE: You cannot downgrade to a previous software version after installing this update.
ENHANCEMENTS
This Moto 360 software update is for all users. After installing the software update you will notice changes that include:
Third Party Watch Faces Choose from a variety of public watch faces available through the Google Play Store. Watch faces can be selected and configured through the Android Wear app on your phone or directly on your Moto 360. Developers can leverage application programming interfaces (APIs) to create a watch face and retrieve calendar and notification data.
Quick Settings Swiping down from the top brings new settings that include Theatre mode (display off), Sunlight mode (temporarily maximize brightness), managing interruptions, and easier access to deeper Settings. Interruptions choices made on your Moto 360 automatically change the Interruptions setting on your Lollipop-based phone.
User Interface Improvements Easily undo the accidental dismissal of notification cards, and dismiss individual cards within a bundle of multiple notifications.
Battery & Storage Stats The Android Wear application will now allow you to obtain more information about Moto 360 battery performance including a projection of time left and a breakdown of usage by applications. You can also see how much storage space remains - which is helpful when planning offline music.
Android™ 5.0, Lollipop Updates Android Wear to the latest platform for consistency across Android devices for both consumers and developers.
Bug Fixes A variety of system optimizations to improve performance and stability
INSTRUCTIONS
This software update will be rolled out in phases to Moto 360 users over the next few days. When you receive the update, you will receive a notification on your watch.
To successfully install the update, your watch must be connected to a phone which is in turn connected to the internet. Your watch’s battery level must also be greater than 80%.
If you have received a notification message for this update:
Select "Download".
After the software is downloaded, select "Install now".
After the software is installed, your Moto 360 will restart automatically.
Your watch is now updated with LWX48P