Why are we excited about this update? It brings Wi-Fi connectivity, cloud sync, always on apps, and a number of other useful features. I regularly activate my own Moto 360 by accident, so the inclusion of a built-in lockscreen is reason enough to want the latest version.

As usual, the goods aren't going out all at once. Some users will get it more quickly than others. We'll update our Android Wear 5.1 OTA roundup as soon as we are able.

Source: Google+