Samsung has a smart watch on the way, a company executive recently confirmed. "We've been preparing the watch product for so long," the company's executive vice president of mobile Lee Young Hee told Bloomberg. "We are working very hard to get ready for it." Samsung recently introduced the Galaxy S4 with a bevvy of accessories, including a smart wrist band that can keep track of calories burned, distance traveled and more, but this is an entirely different product.

Screenshots from Samsung's alleged smart watch leaked in mid-February, showing off what appeared to be a version of Android and the "Altius" moniker. The shots suggested that users will not only be able to check the time but also check maps, control music, manage their inbox and more.

Apple, too, is allegedly working on an iWatch, and we imagine there's going to be a race to the market in some form or another. Samsung's executive didn't say when the watch will hit the market, although the urgency in hits quotes suggested Samsung's working to get it to market as soon as possible.

Of course, any smart watch will need to have a fine balance between form and function. The battery life needs to be solid enough that we're not charging the device every night. Samsung and Apple also both need to learn from Sony's failed Smart Watch product, which didn't really let you do anything besides see your messages and control basic functions on your phone. We need voice controls to make these useful products, and high-res screens so that we can easily read text.

Samsung and Apple also need to find a balance on price. Are you willing to spend $300 on a smart watch or would you rather spend that money on a luxury timepiece? What about the hardware involved? Will it be able to support Siri, S Voice or Google Search? Hopefully Samsung (and Apple) are taking all of this into consideration.