Got an original Galaxy Gear? Then you’re in for a treat. Samsung is today rolling out a new update that swaps its Android operating system for the new Tizen platform that ships with the latest Galaxy Gear lineup. It brings better battery life and performance improvements — as well as a number of welcome new features.

When Motorola this week kicked off a new competition that gave participants the chance to win a Moto 360 smartwatch, the company mentioned in its terms and conditions that its gorgeous new wearable’s “approximate retail value” is $249.

That’s not a bad price for what is shaping up to be by far the best smartwatch yet, but before you get your hopes up too much, you should know that Motorola is now debunking reports that suggest this will be the device’s actual retail price.

Photo: Killian Bell/Cult of Android

Having sold half a million Galaxy Gear smartwatches already this year, Samsung has claimed a whopping 71 percent of the global smartwatch market. The South Korean company’s wearables, often branded a “flop” by critics, are taking advantage of the lack of competition to gain an early lead over incoming rivals.

Samsung has already announced a number of new phones and tablets for 2014, but the South Korean has lots more up its sleeve. This year’s lineup also includes a Galaxy S5 Prime, a new Galaxy Gear, a second-generation Galaxy Mega, and more — according to ever-reliable tipster @Evleaks.

Galaxy Gear owners probably feared that their wearables would never see another software update after Samsung announced a second-generation Gear lineup at Mobile World Congress back in February, just five months after the South Korean’s first smartwatch made its debut. I certainly did — but that won’t be the case.

In fact, the original Galaxy Gear won’t just get a software update; it’s going to get a whole new operating system.