I've read on several forums that there was a problem with the update and it has been temporarily pulled. Apparently it was an issue with non-English language watch faces not being properly displayed.
Also, some users that received the initial update have reported that they got a second update, but that has apparently stopped as well. I have been browsing the official motorola 360 forum on the motorola help site and the initial post about the update has been revised and the roll out timeline has been removed.
Honestly, I'd rather wait for a stable update and get it when it comes rather than killing my battery by checking for updates every 15 minutes. <grin>
David