Android Wear is based on the idea of cards with all of your data and notification content on them. However, it's still Android and that means developers can play around with that model. Circa is an attempt to make notifications more attractive with a cool animation and configurable colors.
Much like keyboards and launchers, this is probably not the sort of thing Google's Android Wear team would like to see on watches. Still, there's some interest in doing new stuff with notifications—early reviews of the app are solid. I chose some funky colors for the demo above, but you can do whatever strikes your fancy. This doesn't replace your notification cards, which are still behind the scenes. So you can continue to manage things normally. This is just jazzing things up a little.
You can try Circa for free without restrictions. There's a $1 donation app that the developer says will make it possible for him to add more animation styles. The circular wipe one seen above is the only one right now. I'm not sure if I'd use Circa every day, but it's at least a neat idea.