WiFi means that you'll be able to use the Wear Data Layer APIs (MessageApi, DataApi, ChannelApi, etc) when your phone and Wear device are not directly connected via Bluetooth.
Edit: While attached on wifi, you will be able to do direct HTTP requests - however do note that once reconnected to Bluetooth, that ability is removed so ensure that if you do take advantage of that additional functionality, you ensure your app works equally well in both situations (or has the appropriate fallback behavior/warnings to the user).
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