I would say you should feel excited, but we've actually seen the upcoming Moto 360 reboot a few times already. In yet another confirmation that Motorola is on the verge of announcing at least one and probably two new models of the Moto 360, our industry's most famous tipster, @evleaks, briefly came out of retirement to share the above image with the world.
In context, there is no useful additional information offered.
Our highly scientific analysis in Android Police's group chat has revealed that these two renders appear to be the same size in terms of watch face, so are not both the rumored 360S and 360L; just one of the two in different style combinations. If the one on the right looks familiar, that's because it looks just like this previous leak:
Chances are that this is what the next Moto 360 looks like. Note that we've seen this silver metal/light brown leather combo in both a small and a large size in leaks that came before this one, so it's likely you won't be able to tell if a given image is of the S or L model without something for scale.
- @evleaks (Twitter)