Currently, the update is rolling out to devices that are running the Wear 2.0 preview. There are plenty of reports online, and some members of the AP team have gotten the update too. That should mean the full OTA isn’t far behind for those still on the stable release. You can open the settings menu to check for updates, but that doesn’t seem to work often on Wear. Note, the update from the preview will wipe your watch, so you’ll have to pair it again.
When you do get the update, the Huawei Watch will have access to the on-device Play Store, better watch face customization, and improved doze mode. Personally, I don’t much care for the notification management or do not disturb mode on Wear 2.0, but don’t let me tell you how to feel.