One of the issues with the Moto 360 has been the battery life, while I think it's always been good enough to get the job done, there was no denying that other Android Wear devices had it beaten. However, last week's OTA update might have done more than it let on. Some users are reporting as much as 50% more battery life on the 360 after that update.
The changelog for the KGW42R update listed Bluetooth tweaks, a new charging notification, and miscellaneous bug fixes. Perhaps the bug fixes were, in reality, giant battery life improvements? If that was the case, it's odd Motorola wouldn't say so. Battery life improvements are common bullet points in changelogs, and people have been clamoring for improvements that might make the prettiest smart watch a little more usable.
It's hard to quantify battery life on Android Wear as there's no built-in utility to track stats. However, the anecdotal evidence listed on Reddit points to noticeable improvements. For what it's worth, no one at AP has seen a huge change after the update. I'd be willing to go so far as to say mine has been a bit better. However, that doesn't mean it hasn't solved problems for some. I suppose this is a "your mileage may vary" sort of thing.