Share your experience!
I have an LG P880 and I bought the smartwatch 2. At initial pairing, it said it would update, and kept loading forever. I went and updated with the computer, and still no fix, so I paired with a Samsung Galaxy Note and it successfullly updated. after a few days I paired to my original LG phone and it paired successfullly, but after an hour or so the apps remain coloured but actually its not paired. After long trail and error I figured it's a problem with smartwatch 2 app, so I go to settings and force stop after closing bluetooth from watch, then open the bluetooth and it all works again. After 2-3 times of doing this, this method no longer works, so I proceeded with restarting the phone and the watch multiple times. But now due to issues I don't want to restart my phone (downloads, etc), so I uninstalled both SW2 and Smartconnect apps and reinstalled them, only to find that my smartwatch, which still pairs, doesn't load any apps at all. I am now stuck with the only six apps that come built-in (settings, flashlight, notifications, alarm, timer, stopwatch) The "new" watch faces are still there though even when I restarted it to "make visible for pairing" while not pairing. After two hours of restarting both my phone and my watch, I finally connected, but I am kind of growing tired because now the watch seems less reliable to me. I set an event on the Smartconnect in which if the Smartwatch 2 disconnects it will play a certain track (as a notification for me) but the SW2 app doesn't always recognise that. I believe it is a software issue with the SW2 app not the smart connect nor the hardware issue, and after searching the internet I notice that many LG phones have the same problem.
The above long paragraph is a combination of all the problems I have experienced and how to fix them, but Sony, would you please do a permenant fix on the SW2 app?
Yes. Sony please FIX SW2 app. I think all LG phone users have the same problem, including me. I have LG P940 Prada.
Same for LG Swift L9 (P760). Since Dec 2013 bug fix 'update' of Smartwatch 2 it is not working with my phone at all. If i try to connect - no notifications get through, and drains smartphone battery in couple of hours (making it really hot - the phone).
For now i keep it as a regular watch, as it is stylish enough, but becoming more and more frustrated.
Hopefully planned 'refresh' releases in March (of these new silver/aluminium and Brazil versions) will trigger Sony engineering to post some SW updates.
It is hard to return it, as it works in general, the point is that it does not work with my phone.
Also i would make my wife unhappy returning it (as it was a gift) 
I, for one, found a solution to this problem:
The problem seems to be with Android 4.0.x versions. I had Android 4.0.4 and exacly the same problem with SW2. You have to upgrade your android to later version. I now have Android 4.3.1 (Rooted my phone and istalled a ROM) and now SW2 is working fine.
I struggeled months with this problem and I did not have offical Android update for my phone so I had to root my phone and install the latest ROM for my phone. Look into http://forum.xda-developers.com forums for ROM for your phone.
If you are not an expert then ask some IT geek to upgrade your phone with newer Anderoid version
So far this is the only way to get you SW2 to work
New SW2 version v1.4.54 just come out with some bug fixes. Ater trying the new version does the problem still exist in Android 4.0.4 ICS?