So my guess would be that Qualcomm TOQ is a "reference platform" for Android Wear.
Perhaps there may be ROMs released.... or leaked given that OEMs surely have them already.
No source code for now....
I'm guessing the kernel will be the more or less usual Android variant of the Linux kernel, perhaps with fewer drivers/features. And it's ARM of course.
How similar to standard Android on the higher level ?
I'm still pretty new to smart-watches. I haven't looked at the preview SDK yet.
EDIT: Uses an STM micro, too weak I'd guess to run Android (Wear variant).
EDIT: Looking now, and wondering if the code will even be open sourced ? Google may want to have more control this time around. Google, and the HW OEMs, might even put in roadblocks to custom ROMs even if the source is open, including the usual device locking of course.
Caution: Do not install apps on the Android Wear emulator. The system does not support traditional Android apps and the result of running such apps is unpredictable.
EDIT2: My app UI works !, although the UI is very squished. Looks almost like normal Android (from the app/dev point of view, Launcher or whatever UI is very different). I'm sure a whole bunch of APIs don't work and some will never work.