BEFORE UPGRADING - Please note that V700XXUAMK7 will break exchange email notifications. At this point in time, no one knowns if it's intentional or not.
- Full notifications for any app which can form status bar notifications
- Preset text message replies if you don't have time to write/voice one
- Rapid access to s-voice
- Better range between the phone/watch
- Better handling of notifications
- Better connection generally between the phone/watch
Your watch will need firmware: V700XXUAMK7
Phone software to version 1.5.111304
Couple of notes: I am using a UK (Mocha Grey) Gear with a UK Samsung Note 3 and the update was OTA.