Here is my speculation on Android Wear and the Moto 360 with a quick assessment of the APIs. Would love to hear a lot of speculation about where Android Wear is going. It could be a great platform for innovation.
It looks like there will be a two stage release of Android Wear like Google Glass. The first without access to building apps on the smartphone and the later one that includes an SDK on the watch that lets you build apps on the watch.
If Google can really make the wearable UI speech it will be an amazing platform.
Also discussed is Kynetics tiny beagleboard like WaRPBoard for prototyping. WaRPBoard plus 3D printed enclosure plus whatever the Android wearable OS is would be a cool prototyping platform.
Please speculate a lot and often.