Today, Apple released the fourth developer beta of watchOS 3.2.3, bringing the build number to 14V5751a. The news comes 13 days after the last one was released.
As the version number indicates, the update won't include any new front-facing features; instead, it will focus on bug fixes and security improvements. The release notes show some known issues that have to do with Xcode, so it's nothing that should affect the end user.
If you're looking for something that's a little more feature-heavy (OK, a lot more feature-heavy), Apple announced the next major iteration of the OS, watchOS 4, at WWDC. There's a developer beta available for that too, as the second one was released last week, but it's significantly less stable. Remember, once you install a watchOS beta, there's no easy way to roll back.
As for watchOS 3.2.3, that will probably see a public release reasonably soon, perhaps as early as next week. When it is available, it should ship alongside iOS 10.3.3, macOS 10.12.6 Sierra, and tvOS 10.2.2.