In its current state of development, Android Wear works along with a companion app on the iPhone and supports basic functions like notifications — as you can see in the photo below. As it does on Android, on the iPhone Android Wear also supports Google Now's ambient information cards, voice search, and other voice actions. It should also support some more advanced features with Google's own iOS apps, like replying to Gmail messages.
Android Wear devices have already been hacked to work with the iPhone so there's no question it's possible. Late last year, Android Wear product manager Jeff Change told the Huffington Post, "We always want as many users as possible to enjoy our experience, so in terms of enabling more people to use Android Wear we're very interested in making that happen." However, Apple has a policy of refusing apps or metadata that mentions the name of any other mobile platform. Whether it could refuse the app without drawing the ire of regulators is unlikely; however, it would probably drag its feet as long as possible, especially during the launch of the Apple Watch.
We'll let you know if we hear any more details. Please follow iClarified on Twitter, Facebook, Google+, or RSS for updates. In the meantime, check out the photo below of a LG G Watch R showing a FaceTime notification from iOS.