Things are unchanged if your phone runs KitKat, but Lollipop users will be in for some learning
Things have changed
As a good number of Android Wear users have yet to receive the Lollipop update on their watches, I've been testing things out on my G Watch connected to my Moto X running Lollipop. The biggest thing that stands out to me post-update on my G Watch is that notification priority is now synced between your phone and watch, so long as both are running Android 5.0. In contrast to the way Wear worked before, now if you set your phone to have priority or no notifications, your watch will reflect that change and be on the same mode.