There are updates available for iOS (9.1) and watchOS (2.0.1). I just got done installing both, timed the installs, figure that might be useful info to have.
I did the iOS update first. On my iPhone 6s Plus, it took 11 minutes from the moment I started the download until the Hello message came up on my iPhone once the update was installed.
The Apple Watch update took longer, as it usually does, but not nearly as long as past updates. From the time I started the download until the update was installed and my Apple Watch asked me to enter my security code, it took 30 minutes. Tack on another 4 minutes for the automatic Apple Watch restart that happens after you reenter your code.
Now it’s on to the iTunes 12.3.1 and El Capitan 10.11.1 updates. I won’t be timing those.