Last Updated: October 20th, 2014
Update 10/20/14: As you may have already realized, the big Wear update hasn't come out yet. Delays do happen. According to several sources we've spoken to, Google will announce something soon, and the update likely got pushed to early November, possibly to coincide with the final Lollipop release.
Yep, you're reading this right: Android Wear 2.0. It's happening - and soon. According to an unnamed source, we're going to see OTA updates for some Wear devices on or around October 15th.
Last Updated: August 29th, 2014
Update: A Google representative reached out to inform us that the bug report feature only appears if your phone is also in developer mode (tap repeatedly on the Build Number in the "About Phone/Tablet" menu). You may need to enable developer mode on Android Wear as well, as one commenter points out.
If you've found a problem with your Android Wear watch, you can now submit a bug to wearable app developers.