The Samsung Gear Live got an extra OTA update a few weeks ago, and now it looks like it's the G Watch's turn. There are scattered reports today of an OTA update rolling out with build number KMV78Y. The current build is KMV78V.
None of the G Watches we have around are getting the update yet no matter how many times the system update button is mashed. It is not clear what changes there are, but it's probably just a big fix update. We'll keep an eye out and get a changelog if possible.