LG responded to concerns over corrosion of the G Watch charging pins by making a few tweaks with the KMV78Y update. Now the same build is rolling out to the Samsung Gear live, which as far as I'm aware, doesn't have the same charging pin issues. How curious.
The update is staged, so it will show up on your watch whenever it shows up. However, the OTA URL has been captured and can be found on XDA. Simply download the update and install it with ADB sideload. There are no guarantees this will go off without a hitch, though. Waiting for the real OTA is probably reasonable, especially considering we don't know what this update does yet.
We've reached out to Google to see what the changes are in this update, but haven't heard anything back yet. If a changelog of any sort materializes, this post will be updated.