This is the best summary I could come up with:

I had a few days with a beta version of the feature during my Apple Watch Series 9 and Ultra 2 test period, and can confirm it largely works as advertised (I tend to wear my watch quite high up on my wrist, but after a small adjustment, it worked just fine).

The feature was initially made available to beta testers earlier this month, and is now there for anyone with the compatible hardware.

Notably, the feature is based on AssistiveTouch, an accessibility offering that’s been available to Apple Watch users for some time.

In its current form, Double Tap was made possible by updates to the S9 chip’s Neural Engine.

The feature is designed for a ranging of different tasks, including scrolling through your notification Smart Stack, stopping and resuming timers/stopwatches, snoozing alarms, playing and pausing music and turning the flashlight on and off.

The app prioritizes what the Watch deems the most relevant action to how you’re currently interacting with the device.

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Sweet! Downloading the update now.