hah, I also ordered the watch and iron at the same time.
I'm not sure if the bootloader has since been updated (or whether it's even upgradeable) but the latest iteration of infinitime has some fascinating memory usage improvements it's really interesting to read up on given the hardware constraints they're working with.
To update the recovery firmware, you need to hold the power button and 'confirm' the new firmware version you've just updated to, otherwise it will revert on power cycle (presumably as a safety measure against bad updates).
Please be careful with the charging cradle, the solder joints leading from the cable are not particularly strong, though it is thankfully quite easy to repair, especially with your new pinecil :)