The 'Samsung Unpacked 2013 Episode 1' event will launch the Galaxy S smartphone on March 14, with speculation circulating the release is earlier than preferred.

In what could be deemed as Samsung unintentionally handing the smartphone initiative back to long-term rival Apple, internet chat suggests the South Korean company is on the verge of under-delivering on its new product.

After tweeting press invitations to the New York event, the company has invited people to 'come and meet the next Galaxy' but some tech folk already believe the unveiling is premature.

Reportedly discarding its own application processor in favour of Qualcomm, Xbitlabs.com says such a move will mean the Galaxy S IV will be "considerably less revolutionary than it originally was expected to be."

Sammobile also reports the processor has "overheating issues", no doubt leaving Apple CEO Tim Cook with a grin as wide as America as rumours suggests the company would prefer to launch during the second quarter.

And in what has been a hard-fought 12 months for the company, with public squabbles across the globe with Apple, everything appeared on the up with Samsung crowned smartphone king over it's Cupertino competitor.

Yet Samsung, which launched the Galaxy S III Mini in New Zealand this month, is sure to face intense scrutiny as launch event approaches.

Whether the speculation is true however, as always remains to be seen. The true test will be over time but as March 14 approaches, the industry may remember the date as when the screw turned back in Apple's direction.

Can Samsung keep its smartphone hold over Apple? Or can Apple use this opportunity to fight back? Tell us your thoughts below