WATCH-FACE VS APP-DRAWER MODE
You can use the Wear Launcher either way:
►App-drawer: pull in from left or right [upper half of the screen]
►Watch-face: put bubbles on your watch-face [including the clock] and drag right or left for the rest of the bubbles
Use the Android Wear app on your phone to switch watch-faces.
(The big button will only appear from version 4.98 of the app)