Nope it doesn't spin. We've had Moto 360s available at my work for a few weeks, I kept almost buying one but the LCD backlighting and the dead spot killed it for me. Honestly the low power AMOLED watch faces are amazing on the G Watch R.
Yeah, I would love AMOLED for the ambient-ness, I've turned it off on the 360 because it's effectively pointless except reducing battery life.
But without an analogue watch face the bezel on the GWR does look odd/worse than the 360 imo, the flat tyre I thought would annoy me a lot but in use I barely notice it, obviously ideally we'll get a watch that's AMOLED, round, no flat tyre but with the bezels of the 360