The smartwatches are aimed at sport enthusiasts.
3. What do people say about them?
Although the watch has not yet been released, CNET’s Scott Stein said the prototype version of Gear 2 Neo "feels loud and big" next to a Pebble Steel.
The heart rate monitor, he added, responded quickly and gave "a readout within seconds" after testing it on his wrist.
Esat Dedezade, a staff writer for Stuff, said both watches have addressed most of the original Gear’s design flaws, while the camera is "far more discreet" than before.
"They’re also more useful than the original Gear as they can play music without your smartphone – no more carrying your phablet around while you run," he added.
Commenting on the AMOLED display, Chris Martin from PC Advisor said: "Looks gorgeous with good contrast and the eye-popping colour that we’re now accustomed to with Samsung products. It’s nice and responsive to the touch.
"The interface looks very similar to that of the Galalaxy Gear. Navigation is simple and easy to get acquainted with and the physical home button really helps."
Samsung joins as the market for smartwatch technology grows increasingly competitive. In the next three years, it could skyrocket to $30-$50bn as hardware improves and sensors and batteries get better, according to a report by Credit Suisse.
The likes of $249 Pebble Steel, which has already received positive reviews, Meta, Omate’s TrueSmart and Sony’s SmartWatch 2 are all trying to stake a claim.
And of course there’s Apple, whose iWatch is also rumoured to be big on fitness, Google and Microsoft, which are expected to enter the market later this year.
The Gear 2 will be priced at $299, while sister device Gear 2 Neo will cost $199.
AT&T said it expects to ship the devices in April, discounting both by $50 if you purchase them alongside the Galaxy S5.
Both devices are due to reach consumers on April 11 in parts of Asia and in the US.