Oh neat! I've always wanted this.
When I last tried hacking my Moto360 it was possible to get Debian running in a chroot reasonability easily.
The trouble came mostly with video access. The userland graphics libs are all compiled against BIONIC rather than glibc. And they were at the time only available in compiled form. That meant it wasn't really possible to have a clean glibc system.
I guess either something has changed, or they're using a hack, incorporating BIONIC, which is what many people have done on other mobile platforms.
Very neat though, I'm going to have to try this out!