Interesting. It looks like new content downloads are now handled through a channel I didn't know I had - the Receiving channel. It has a little animated antenna with signal graphic, and currently lists the two items downloading: the new watch face and the Sports channel.
Selecting the items shows you the download progress. I am at about 50% with the Sports channel, but the watch face is giving me "No Info". Apparently things sometimes take long, and the watch may even need to be rebooted to get everything to download properly. I wonder why there originally wasn't any Receiving channel for the first watch face from January. Or did it just complete so quickly that I never noticed?