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I've since discovered that disabling of WiFi-Scanning in "Location -> High Accuracy -> WiFi Scanning" solves the issue immediately, albiet it is a temporary fix. Further investigation has identified that the problem also lies with a compatability issue between android wear and google play services (also updated around the same time).
A fix was just rolled out yesterday night, and battery life is back to normal with lifelog!
Thanks for the info. Just updated earlier today, and reinstalled/activated Lifelog on the SW3 and phone, so far no battery drain and seams very stable batterylife, about 12 hours and down to 66% with estimated 22 hours battery left . One happy champ here.
Anyone else having this issue, updates Lifelog and go to Android Wear app and Synchronize apps again, to make sure the update is synced to your SW3.
The following is an admission that I'm an idiot.
As you may know, when you first connect a watch to AW it runs thru a bunch of stuff. One of the things tho pops up is "Updating....". So I assumed it was, you know... Updating.
Needless to say, late last night when I went digging through the settings menu on the actual watch, I found the ability to check for updates, and there was what I assume ALL of them. Must gone through 4 or 5 update cycles.
Anyway, it all works now.
Well, 'Play Music' will still only launch Google Music - but that's a whole other conversation.