AT&T has started pushing the Android Wear 2.0 update to the LG Watch Urbane 2nd Edition LTE, finally bringing it in line with the rest of the watches that launched with Android Wear 1.0 which have already received the update in addition to those that launched this year with 2.0 out of the box, like the LG Watch Style and LG Watch Sport. The update is about 345MB in size so it's not necessarily massive, but it's not a small update either so you'll want to make sure that your watch has plenty of battery life left and that it's connected to Wi-Fi, though you can download the update through LTE if you wish as this is an LTE version of the watch, provided you don't mind eating up that data.
Since this is an update to Android Wear 2.0 there are quite a few goodies packed inside of the software, some more notable than others like the ability to access the Play Store directly from the watch, and download install apps directly from the watch, instead of having to push them from a connected phone to the watch as a companion version of the app for wearables. This is a big one, as it means much less time fiddling with the smartphone screen when all you want is just to get the apps for your watch that will help make it more useful.
Also new in Android Wear 2.0 is Android Pay support, though unfortunately this isn't a feature coming to the Watch Urbane 2nd Edition LTE, as it doesn't have NFC support which is needed to make mobile payments using Android Pay. That's about the only thing missing though that is a feature a few of the newer watches released this year will have, as the update does introduce the Google Fit platform, the new emoji capability, a new input method, and of course new watch face options to add some more style. Perhaps even bigger than the Play Store access, the watch will also be getting Google Assistant support, which means tons of useful hands-free functionality that wasn't possible before. AT&T's support page for this update is dated for September 12th, so most if not all consumers should already have access to the update and have the ability to install it.