The company has announced Android Wear, a version of the operating system designed specifically for wearable devices.
The focus of Android Wear is in relevant contextual data, much of which you already get from Google Now like location-based weather, traffic data, reminders, travel info (airplane boarding passes, etc), and app notifications. There are the usual fitness tracking options that are already relatively standard on wearables, and interesting notifications like jellyfish warnings when you're at the beach. The interface is gesture-based, but quite a lot of the functionality seems to come from the voice command system, which does include the song recognition feature in Google Now.
Google has also started the rollout of the Android Wear SDK Developer Preview. Again, Google has been very careful to say that the SDK will allow developers to "extend" app functionality to wearables, meaning this is not a platform which will have standalone apps on it to start.
Google is working to make sure these watches aren't hideous: Fossil and other "fashion brands" will apparently offer watches using the operating system later this year.
