My wife has the P2 Lite with the latest firmware. Her LG watch disconnects and you have to turn Bluetooth off and then on again for it to pick the watch up again (which it does straight away).
Also she is only getting a day and a half from the battery where i am getting 3 plus days from my bv8000 pro which has a much smaller battery.
I have done a factory reset and formatted the cache partition.
Performance also seems to be a little bit sluggish.
We have been waiting for an firmware update to fix, but nothing seems to have been released for a while now.