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A mockup of what an iWatch might look like.

(Credit: Sarah Tew and Christopher MacManus/CNET)

Apple's got a shot to blow us away with its take on the smartwatch.

At this point, it's not an if, but when, Apple releases its long rumored iWatch. The latest rumor called for Apple to use a plastic OLED screen that can bend for the device, as well as prototypes in three different sizes: a 1.3-inch, 1.4-inch, and 1.5-inch version. A prototype of the 1.5-inch version has already been made, according to Korean publication Chosun, citing unnamed industry sources.

Given the tepid reception of Samsung's Galaxy Gear, and the relatively minor adoption of other smartwatch projects such as Pebble Watch, the door is wide open for Apple to revolutionize this area. These companies demonstrate that there is indeed interest in this kind of "wearable" technology. If Apple employs its usual polish and finish on a smartwatch, it could be its next hit product.

The latest rumor comes as Samsung prepares Galaxy Gear for launch in the US on Friday. The Gear has garnered mixed to negative reviews, with many critical of the device's lack of capabilities, its price, and the limitation of working with only the Galaxy Note 3 (as well as a single Samsung tablet). Samsung said it plans to open up the compatibility to other Samsung phones down the line.

Given how quickly Samsung put together Gear, it's an impressive first attempt at a smartwatch. And undoubtedly the company will follow-up and improve upon the first Gear. But for now, it's not ready for prime time.

The Pebble, perhaps the best known smartwatch before Samsung came around, remains more of a tinkerer's toy -- a cool project in a product that's just outside the periphery of mainstream. Sony talked up its own smartwatch, but hasn't released details on pricing or release date for its latest version.

It's not like this would be the first time Apple came in and swept up the market with a greatly enhanced product that redefined a category. The company did it to Mp3 players with the iPod, then did it again to smartphones with the iPhone, and to the tablet market with the iPad.

The inside story of how Samsung cranked out the Galaxy Gear

While rumors persist of Apple revolutionizing the television, it seems the watch would be an easier product to introduce, as it could already be seen as a companion to the hit iPhone. There have been increasing questions about whether Apple can still innovate, but a polished smartphone would seem like a slam dunk.

Given the muted reaction to the existing world of smartwatches, the road is paved for the iWatch. Apple just needs to wow us one more time.