You will also see some updates that should help you relax and save time. Theater and Sleep modes help you shut down distractions, and you will have "easier and faster" controls in the Quick Panel. You can switch music sources on the watch instead of using a phone, too. Text messaging is easier with both drafts and quicker replies, while even the settings section has received a tune-up with better discovery for features.
The software refresh was available in the US as of this writing, although it's expected to reach other countries in the days ahead. While these upgrades will not make you forget that you have a slightly older watch, they will keep it relevant.