I think it is close to getting us to seeing notifications from any app on the gear. So, far with things set up the way I have them it only vibrates/rings when I get something. It could be that I don't have hangouts installed on my watch (didn't want the google apps...didn't see a need).
Could someone with the google apps (and possibly the status bar installed via Aroma) test this out and see if it gets us further?
Only other thread I could find: http://forum.xda-developers.com/show....php?t=2560308 It mentions battery life issues. I'll test these out tomorrow.