Samsung has announced the Gear 2 and Gear 2 Neo smartwatches. Both are compatible with Smasung's Android smartphones, but neither watch actually runs Android instead switching to Samsung's own open-source OS, Tizen.
The Gear 2 and Gear 2 Neo essentially are the same thing, only the Neo a tad smaller and lighter, has no camera and has different color options.
Here are the Samsung Gear 2 specs:
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Display
1.63-inch Super AMOLED (320 x 320)
Processor
1.0 GHz Dual Core Processor
Operating system
Tizen-based wearable platform
Camera (Gear 2 only)
2.0 Megapixel Auto Focus (1920x1080, 1080x1080, 1280x960)