I updated it when as soon as i got my watch. I've only had my watch for 3 days and yesterday was my most used day where I did about 3.5 hours of navigation, tons of hangout messages, Google plus, and several voice texting. Took it off charger in the morning at 7:30 and when I went to bed at 10:30 pm, I still had 15% battery left.
Today was a more normal use with doing all of the above but without navigation. I'm at 12 hours with 36% left.
I'm very happy with battery life.
Sent from my Galaxy Note 2