Anything new in the Android L update?

There is an updated developer release of Android L available. Has anyone tried it yet? Is there anything new or is it just tbug fixes?

I believe the primary feature in the most current release is the Android Wear functionality. I think the Android SDK was also updated with the proper APIs.

I've seen a few postings showing where the latest download for L can be found, but they all said that installing it requires wiping your phone of all apps & user data. So this is not a very appealing approach.

When I put 4.4.3 on my Nexus 5 by using the "sideload" method this did not wipe the phone; it merely updated 4.4.2 ==> 4.4.3 pretty much the same way the OTA update of 4.4.4 ==> 4.4.5 worked. I wonder of there is something unique about L that forces a phone wipe first.