So far I haven't had the greatest successes with the update. It was a miracle getting it to install to begin with, but once I finally did (after 1.5 hours approximately - on gigabit internet with 802.11ac wifi) I found it still incredibly buggy. My battery life drained 5% in an incredibly short period of time.
I did notice that previously I was hanging on installing apps and the entire device would freeze, this seemed fix in this iteration. iMessages still weren't working at all and it permanently showed that I was near a Walgreens when I was not and wanted me to use my loyalty card. All in all, seemed pretty wonky. I decided in light of that, since the previous Beta was so c0rrupt that I would start over fresh and wipe and not restore a backup.
The wipe process looked to succeed, however upon finishing, it just sat at a black screen and never rebooted, and I had to hard reboot it (both buttons). Upon restarting, it presented me with pairing, which I attempted. It started out smoothly, but upon finishing the iPhone portion, the watch reverted back to the language selection to restart the pairing process, and the phone still said it was syncing. I then canceled out of the phone portion and tried to pair again, and it hung on verifying my Apple ID.
Finally I rebooted both devices and the pairing process was successful. Upon completion, iMessage worked successfully and the overall behavior/performance was a lot better. Unsure of battery life currently, not enough time to tell. Seems better than the ultra fast drain from before though.
Just wanted to report my findings to everyone in case this is helpful.
TLDR; if you are having funny behavior after installing the update, wipe and setup as a new watch. This process might be wonky and take a few tries, but life is a lot better afterwards.