v7.24beta → Play
► phone will assist to install wearable component on Android Wear 2.0 watches
► “clear theme” button in theme pack list on watch
► “restore defaults” button on main settings screen on the watch (only in standalone)
► takes you to watch-face selector when you select “OFF” in watch-face mode
► confirmation screen before all clear type commands on the watch
► theme colors were not applied to analog clock

Settings: PHONE vs WATCH
Settings are now mirrored from watch to phone. So if you make changes on the watch, most of the time they will show up on the phone the next time you start the app.
BUT: you should not keep the phone app open while adjusting the settings on the watch, because when exiting the phone app the settings are dumped on the watch, overwriting everything.

I decided not to care about this, because it is an unlikely use case, why would you fiddle with the tiny controls of your watch if you have your phone at hand.