This watch is now the greatest toy ever. I've got it up and running ClearDroid ROM, used Tine's Link2SD setup, and now I even have the joy of being able to use Slingplayer on my wrist. Thanks to not setting ADW as my default launcher, I can even switch back into Moto's Motoactv launcher (although things look a little off-center).
In terms of setting up Google apps, though, especially Google Music (Play Music, whatever), can I just flash the gapps zip through recovery? I'm rocking the Amazon Appstore for now, but I want my Google Music.
Negative, do NOT flash gapps zip. It will cause lots and lots of force closes. If you want to try one of the apps, pull the apk from the zip and install it with jay's easy modder tool.