The highly anticipated Samsung Mobile Unpacked 2012 event is minutes away, with fans gearing up for what is expected to be the official release of the Galaxy S3 phone.

Rumors, reports and leaks have been churning off from the success of the Galaxy S2, which was unveiled at the Mobile World Congress (MWC) last year, and was heralded one of the best phones of 2011 for its sleek design and lightning-fast performance.

The Samsung S3's delay, the release of the Galaxy Nexus and Note, the teaser countdown clocks and videos have all added to the hype, and Samsung enthusiasts gathered outside the Earl's Court Olympic arena and Phones 4 U, are expecting a significant rival to the iPhone and Samsung Galaxy predecessors.

Samsung has kept quiet about the next Galaxy, but the event invitation tagged come and meet the next Galaxy includes large paint-like blobs, which some have interpreted as meaning the phone will feature the same S-Pen Stylus as the Galaxy Note. Another speculation linked to the invitation is that the metallic metal effect on the blue botch could mean Samsung will ditch the plastic case of the S2 for a metallic one.

 Samsung fans have been speculating over flexible moving displays and 3D screens, but a new report from CNET claims the phone will come with minor upgrades and the S3 will be Like the iPhone 4S was to the 4.

Most fans standing outside Phones 4 U on Oxford Street are expecting big changes, however, with surprises that will blow Apple fans away.

Among last minute rumors, the Galaxy S3 is expected to come in white as well as blue colors. The report leaked by GSMarena shows a screenshot from the Carphone Warehouse that displays Galaxy S3 blue on their inventory.

Rumored Specs:
4.6-inch 1280×720 Super AMOLED Plus display
9mm thick body
8-12 megapixel main camera with LED and Xenon flash
2 megapixel front-facing camera
32 or 64 GB of internal memory
USB 3.0 capability2GB RAM
4 G LTE 1.8 GHz quad-cores Samsung Exynos CPU Processor
Touchwhiz 5.0 overlay

Where to Watch the Event Live:

Phones 4 U Oxford Street branch will be screening the event live to the public. Crowds started to form outside the venue hours before the start to get good viewing spots and food and drink, which will be served outside as the actual event kicks off at the Earl's Court Olympic Venue at 7 p.m local time.

The rain will likely reduce the turnout at the event and many fans are expected to watch it through the Samsung Unpacked App, available on all Android phones and tablets.

Samsung's official Facebook Page will also be live-streaming the event.

PCWorld, The Verge, T3 and Engadget are among tech blogs that will be live-blogging the event.

The U-Stream Live stream of the event can be viewed here from 7. p.m local time:

Video streaming by Ustream