Now for the bad news:
Apple also doesn’t allow competing app stores on the iPhone, nor is it likely that third-party app makers will be able to easily bake in more advanced support for Android Wear. That means that Google doesn’t (at least for now) offer third-party watch apps for iPhone users. It also means that the selection of third-party watch faces you can get are “curated” by Google and probably won’t offer the same advanced features you can get when you use Android Wear with an Android phone.
You can use an Android Wear watch with the iPhone, but you aren’t going to get the same experience as you would pairing it with an Android phone. Even though support exists, I still think iPhone owners should stick to the Apple Watch and Android users should stick with Android Wear.