Google has just announced that Android Wear beta is now available for flashing either to a test device or via the Android Emulator. However, don't expect any significant changes.
According to Google, the update is "mainly a technical upgrade to APU 26 with enhancements to background limits and notification channels." Thus the new Android Wear beta will probably be somewhat similar to the Android Wear 2.X. Google is also offering Notification Channels" on its next version of Android Wear. So users will be able to configure the type of alerts that come through the smartwatch.
What's more, the battery life of smartwatches would significantly improve as well. We say so as reducing the frequency of background location checks. Android Wear is not only putting stricter limitations on services that run in the background but also reducing the frequency of background location checks.
However, we must mention here that not all smartwatches are eligible to become a test device. As of now, only the LG Watch Sport is the only smartwatch that can be turned into a test device via flashing a ROM.
If you are disappointed, you can try another way. You can try out the Android Wear apps via the Android Emulator in case you want to develop apps for Android Wear.
Google is apparently putting its best foot forward to make improvements to Android Wear. That being said, it doesn't seem to be in enough as compared to Samsung's Tizen and Apple's WatchOS. On that note, pre-order for the Apple Watch Series 3 has started in India.