Providing contextual information is the central mission for the OS. Android Wear looks like a glorified version of Google Now shrunk down to fit on a tiny screen, but that's not such a bad idea. Google Now does an excellent job of displaying relevant information, and its voice integration is great.
Google says Android Wear can also be used to control devices remotely. The OS has a health and fitness monitoring component, too, and a developer preview is available for folks who want to start tinkering. The first Android Wear devices will reportedly start showing up next quarter.
Source: The Tech Report