Think of smartwatches now like smartphones were around 2008 - despite the fact that the idea has been around for a long time, everyone is still trying to figure out the best way to go about it. In Android Wear, Google is trying to make a super-simple interface based on short swipes, taps, and voice commands... which leaves a lot of users craving more conventional tools. So we've got a launcher, a web browser, a file explorer (ugh) and now a substitute for the Recent Apps menu in Android OS.
SwipePad is a favorite among power users, since its always-on gestures make a handful of apps available at any time via a side-swipe. That said, the setup process is surprisingly clunky, since you have to swipe, long press, and open a pop-up any time you want to add or move a shortcut. Yesterday's update changes this, adding an edit function in the primary settings. Users can now drag and drop app shortcuts as well as assign them inside the app, making the process much faster.
The virtual looping feature enables scrolling past the leftmost or rightmost homescreens with a quick bounce-to-the-opposite-end effect. While Fede implemented it this way instead of an endless scroll for technical reasons, I think it's visually a lot better and clearer, as you will still know when you've reached the end and won't feel lost in your own homescreen forest.