Wow this is great news. The fact that they went as far as to create an emulator suggests that we can expect a Google-backed smartwatch any minute. It looks like they have put a lot of thought into what the first real generation of Android wearables will be, and I'm excited to develop for them once there is some mass-appeal hardware (sorry Galaxy Gear, not you).

Edit: just saw that LG has soft-announced the LG G Watch, which means the Google-backed hardware is already upon us. Time to fire up my IDE.