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For the second generation, Motorola is out to right the wrongs of the past. The new Moto 360 is even more compact than the original, and it has a more modern SoC and a new watch band design that allows for easy swapping.

First the specs, which are probably the watch's biggest improvement over the original. Motorola dumped the 2010-era OMAP SoC for a Dual-core 1.2GHz Qualcomm Snapdragon 400, and the device has 512MB of RAM and 4GB of internal storage.

The Moto 360 comes in two different sizes: a 46mm body, the same size as the original, and a smaller 42mm body. The 42mm version gets a 300mAh battery and a 1.37-inch 360×325 display (263 PPI), while the 46mm version gets a 400mAh battery and a 1.56-inch, 360×330 display (233 PPI), a slight improvement over the 1.56" 320×290 display (205 PPI) of the original. Both watches are 11.5mm tall, the same height as the original 360.

The display still keeps the "flat tire" shape, with the bottom housing the ambient light sensor and the display cables. Motorola calls this "the best design decision" because it allows for a thinner bezel. The company says the second-gen 360 has "the most screen:case ratio of any smartwatch." We're not sure that's true if you include the upcoming Huawei Watch, which has a fully circular 1.4-inch AMOLED display in a 42mm body.

For communication, there is Bluetooth and Wi-Fi, but the biggest downside is that there is no NFC chip inside the device. We've yet to hear Google's plans for NFC payments via a smartwatch, but surely something must be in the works given that this is one of the better features of the Apple Watch.

Other than that, you get the usual suite of additions: a heart rate monitor, ambient light sensor, vibration, wireless charging, dual mics, and IP67 water-resistant construction. There's no speaker, making sound another feature that will stay exclusive to the Apple Watch.

The most noticeable change to the new 360 is the addition of lugs to the watch body. The old 360 had a circular body with a band that connected to the bottom of the watch, but the new version has the traditional arms that stick out from the body to hold the watch band in place.

With the addition of lugs comes a new "quick release" watch band. A button on the underside of the watch band pin allows you to quickly detach the watch band and swap in a new one. Motorola plans to offer many styles of watch bands and will even be partnering with third parties like TYLT for an even wider watch band selection. This is a big improvement over the original 360, for which Motorola recommended going to a jeweler to get the band swapped.

In the past, smartwatches have been so large that they have been better suited to men's-style watches, but with the new 360, Motorola feels the device has gotten small enough to offer a "Women's collection." The Women's version of the 360 comes in the smaller 42mm size, drops the band width from what looked to be 20mm to 16mm, and has a different set of customization options.

The second-gen 360 will be available in Moto Maker, and there are tons of styles and customization options. Every watch body is made from stainless steel, with coloring options for gold, rose gold, black, and stainless steel. The bands come in the same colors, plus options for rubber or leather. For the women's version, there is even a double-wrap band.

This time around, the bezel can be customized as well. The bezel can come in a different color from the body, and there are options for knurling, chamfer, and "micro etch."

The Moto 360 is available for pre-order today, and Moto Maker should be up and running with all the customization options. The pricing ranges from $299.99 to $429.99, depending on which customization options you choose.