On another note, I wonder about the water icon there. It's not there on my current watch. Is this a series 2 specific feature? If not, is it also new? What does it do?
The water icon sets a mode on the series 2 so capacitive touch is disabled while you are swimming. This prevents the screen from constantly interacting with the water. You turn the digital crown to take it out of this mode and then it uses the speaker to spit the water out of the speaker hole.