Just updated with Odin using the new firmware on a Verizon Note 3 USA Gear combo and everything is working good for me, save Exchange as everyone already knows is bonkers ATM.
For those that were lost like me initially,
Downloaded the Stock Firmware
http://samsung-updates.com/details/15946/Galaxy_Gear/SM-V700/BTU/V700XXUAMK7.html (No idea about the Kernel... I didn't flash it)
Downloaded this Odin
http://www.4shared.com/rar/ZUA2B1FW/Odin307.html
Once Odin was downloaded I just extracted to Desktop
Once the firmware was downloaded I extracted the two files inside to the Odin folder I had just put on the Desktop
Put the Gear into Download mode (at the watch home screen, hold power until it says watch rebooting, rapid press the power button until you get to a menu with three options, press the power button three times quickly, should move selection to Download mode, hold power about 3 seconds and release, should be in download mode! )
Connect everything up via USB to PC (I am assuming everyone has the USB Drivers, if not
http://hotfile.com/dl/247408965/8a6739d/SAMSUNG_USB_Driver_for_Mobile_Phones_v1.5.27.0.exe.html)
Launch Odin
Odin should identify the watch as (0:[COMxx]).
Check PDA and press the button. Select the file V700XXUAMK7_V700OXAAMK7_HOME.tar.md5
Then Press Start
Sit back and wait, Gear should reboot and show the upgrading android animation and Odin will display PASS in green if all went well and its safe to exit and disconnect.
Hope this helps people that were confused like me.