The web is abuzz today with the news that Samsung has finally announced the unveiling of their much-anticipated, oh-so-wearable wristwatch-like smartphone, the Galaxy Gear. Bloomberg reported today that Samsung plans to reveal the Galaxy Gear alongside their smartphone-tablet hybrid, the Galaxy Note 3, at their “Unpacked” event on September 4th. The timing couldn’t be better, as the annual IFA consumer electronics show in Berlin begins just two days later on September 6th.

As with the rest of Samsung’s products, the Galaxy Gear will be powered by Google’s Android mobile operating system. While little has been confirmed about the product as of yet, sources familiar with the project have claimed that the smartwatch will be able to make calls, surf the net, and manage email. Samsung’s mobile device webpage, www.sammobile.com, released possible specs from an “anonymous tipster” today, stating the device could feature a Samsung Exynos 4212 dual core 1.5GHz CPU, 1GB of RAM, and a 320x320 AMOLED display hosting a 2 Megapixel camera. Those may not be the most exciting features on the market for a smartphone, but for a wristwatch? Pretty snazzy. Insiders say that the Galaxy Gear will not have a flexible display at its incept, but that developers at Samsung are working towards a screen that conveniently bends to the wearer.

A popular belief is that the Galaxy Gear is not designed to simply be a stand-alone device, but rather to work hand-in-hand with other Samsung devices like TVs, smartphones and tablets. If that is the case, and the product lives up to the expectations set by the rumor mill and concept videos detailing what the smartwatch could be capable of, then Samsung could see an elevated level of success in several of the products in its technology family. Like Apple (who has been surprisingly absent or simply mum on their own smartwatch plans as of late) and several others before them learned, strategizing to create a successful product that entices consumers to be brand-loyal can pay off big time in the long run.