I emailed LG and had a reply on 9th here's what they put:
Thank you for your query regarding the Android Wear 2.0 update.
I have had a look in to this for you and at this moment in time I also do not have a release date for you. What I can tell you is that the update is currently still being worked on for the Urbane, as soon as these development works are completed the release date will be advertised to the public. I would recommend checking our website for any updates on this in the next couple of weeks as we will hopefully have an answer for you soon.
Their "delay" is making me want to purchase an LG Watch Sport...luckily (for LG), can't get one right now...guess I'll remain patient for it on my Urbane.