5.1.1 has begun rolling out for the Moto 360...apparently will take a few days to reach all devices.
Definitely good news and I hope they sorted out the performance issues they were experiencing.
Where did you see that?
Motorola are still saying they are working with Google to sort out performance and it will be ready soon
https://twitter.com/motorolaUK/status/610731542260940801
the performance is not quite there yet and we’re working with Google to ensure it works great on Moto 360.
That was just 24hrs ago