for the wifi, do you have to set up your watch on your wifi network, or does the phone pass on all the details like SSID/password so they are always both on the same network?
On your watch, through the Wear app. My 2,4GHz SSID is hosted to force devices to my 5GHz network, so I have to manually add the SSID via the phone, but you can search for Networks on the phone. If it needs a password, you need to go to your phone.
It doesn't share your phone's saved networks.