LG's announcement mentions many of the features which were highlighted in in Google's Android Wear demo reel. So you're looking at a wearable that can respond to voice commands through the "OK Google" hotword, as well as presenting relevant info in a similar way to Google Now on a phone.
LG doesn't have any specific pricing to offer for the G Watch, but says it'll "present a low barrier to entry for developers and offer the best Google experience for users."