The rumors have been around the circuit for quite some time now but now Samsung has gotten official with the newest member of its Galaxy line of smartphones, the Galaxy S III.

Samsung announced the much awaited Android handset of the year on Thursday at an even in London. In a line of popular smartphones created by Samsung the phone is the third-generation.

The phone possesses a 4.8 inch touch screen, 8MP back camera and a 1.9MP front camera and comes with the latest version of Android – Ice Cream Sandwich. Similar to the HTC Once X, the camera has zero shutter lag so you can capture photos instantly. The camera is also able to take 20 photos in burst mode and a feature called ‘Best Photo” will pick the best shot out of a group of eight.

The NFC-capable Galaxy S III has a Super AMOLED HD (1280x720) screen, offering more subpixels in comparison with other screens, resulting in more vibrant colors and as well as better visibility in bright conditions.

One of the notable features is S Voice, which works in a similar way to the iPhone’s Siri. The difference is, you don’t need to push a button to activate S Voice, just speak to your phone. You can even customize the trigger greeting. S Voice can be used to carry out a number of tasks like making a phone call, taking a photo and setting an alarm. Early reactions to the phone have been largely positive so far, though some feel it’s still lacking the differentiating features a revolutionary smart-phone requires in today’s crowded market.

President and Head of IT & Mobile communication division at Samsung said, “With the Galaxy S III, Samsung has maximized the consumer benefits by integrating superior hardware with enhanced smartphone usability. Designed to be both effortlessly smart and intuitively simple, The GALAXY S III has been created with our human needs and capabilities in mind. What makes me most proud is that it enables one of the most seamless, natural and human-centric mobile experiences, opening up a new horizon that allows you to live a life extraordinary.”

The phone is powered by a 1.4GHz Samsung Exynos 4 Quad processor (see video below). The Exynos 4 has twice the processing capability of the older Exynos 4 Dual used in previous Galaxy phones, and it consumes 20% less power. To achieve this level of competence, Samsung has employed on-off switching as well as dynamic voltage and frequency scaling for each core. All that means the processor will consume exactly the amount of power it needs under any given workload.

A new feature called ‘Smart Stay’ on the phone detects your voice and motions, and recognizes how you are using the phone –for instance reading an e-book or browsing the web –and keeps the phone on while you’re using it. So, if you’re reading a book you don’t have to worry about having to constantly wake the screen up.

If you’re texting someone and decide to call them instead, a feature called ‘Direct Call’ will call that person as soon as you lift your phone to your ear.

A new feature called ‘S Voice’ enables the phone to listen and respond to your words, and provides Siri-like search and voice control. You can ask the phone to “snooze” when your alarm goes off in the morning and you need a few more Zs, can be used to play your favorite songs, turn the volume up or down, send text messages and emails, organize your schedules, or automatically launch the camera and capture a photo.

A feature called Buddy Photo Share will recognize your friends faces in a photo, and offer to send them the photo automatically.

With the Galaxy S III Samsung is unveiling a new ‘S Beam’ which expands on Android Beam, allowing you to share a 1GB mobile file with a friend in just 3 minutes, or transfer a 10MB music file in just 2 seconds—without using WiFi or a cellular signal – by tapping your phone together with another Galaxy S III.

A feature called “AllShare Cast” lets you connect your Galaxy S III wirelessly to your television to view content. The service can also be used to share files between your Galaxy S III and your tablet, PC, and televisions regardless of the distance between the devices.

The Galaxy S III will be obtainable in 145 countries, on 296 mobile operators around the world, making it the largest launch in Samsung history. Available in ‘Pebble Blue’ and ‘Marble White,’ the phone will be available from the end of May in Europe before rolling out to other markets globally this summer.