I have the same problem. Got the watch last night; paired it with my Moto X. (The initial "sync" that the manual says might take 10 minutes took an hour - and I think three watch reboots - by the way.)
After that the Watch worked OK for about half an hour, then Android Wear on the phone started crashing every 10 seconds. I finally had to uninstall Android Wear to get it to stop. I managed to send a couple of problem reports to Google, though it was hard to do with all the crash popups.
I don't use Exchange, or the default Mail app at all (though I do use Gmail). I use K9-Mail for IMAP (work) email, as it gives more control over which emails generate notifications than the stock Mail client (this was important for my Pebble, and seems like it'll be important for Android Wear as well.)
So for now the Lg Watch is sitting in a desk drawer, totally unusable, until the Android Wear crashes are fixed. A truly awful "unboxing" experience.
...Sam