Android Wear is getting a bump up to version 5.0.2, with some fixes for and other all-around housekeeping. The latest update is not a major one and does not add any new features. Meanwhile Android Wear devices hit 720000 shipments in the year 2014 which can be considered as quite a good number.
The build number of the update as stated by AndroidPolice is LWX49K which is coming to Samsung Gear Live, LG G Watch, Moto 360 and the Sony Smartwatch 3.
The update adds some update to Google Play Services along with bringing performance enhancements to the devices by squashing bugs. The update has started rolling out to users. It is recommended to charge your Android Wear to more than 80% and press the Download option when given a notification.