But when it comes to transistors, casings, batteries and other components, there is still a great deal of research to be done - although there are loads of companies with extremely interesting patents popping up all over the place.
It's even possible we'll see a smartphone with a flexible display before the year is out, thanks to LG's Mobile Division VP, Yoon Bu-hyun, suggesting that LG could release a smartphone with a flexible display before the end of the year.
But there may have been some confusion over what that means, as Global Communications Director for LG, Ken Hong, told us.
"What he was referring to was the 'plastic OLED' display which is often translated as 'flexible' by some media, but that means it's not as rigid as glass, not that it can wrap around one's finger," he clarified.
He went on to explain that "it's about resilience and durability first", and confirmed that LG is "still targeting the fourth quarter of this year to introduce a smartphone featuring a plastic OLED display."
There were strong rumours that the flagship Samsung Galaxy S4 might sport a flexible display, but they proved unfounded, with whispers pointing to manufacturing issues delaying Samsung's efforts to produce this technology.
So, should I really care about a bendy phone?
Early flexible display devices aren't likely to offer much, or indeed anything, in the way of functionality beyond current smartphones.
What they will offer in the short term is the possibility of lighter and stronger devices in familiar form factors.
It may not be thrilling, but, as Ali explains, "it is a huge leap forward in terms of display technology, especially since conventional glass screens are so prone to cracking even if dropped from a low height."
By comparison flexible displays "would be unbreakable, and would be able to take a huge amount of wear and tear before showing signs of abuse while maintaining a high screen quality and resolution."
As the technology matures over the next couple of years, we'll see some designs that use flexibility to maximise space and offer additional displays and controls.
When manufacturers can make batteries and other components flexible as well, then we will see some really inspiring designs.
It's highly likely in the short term we'll see one of the Asian manufacturers bringing out a standard smartphone with a flexible e-ink display on the back for web and ebook reading, but this will be a niche product to test the market in the same way as the Samsung Galaxy Beam with built-in projector.
But who wouldn't love to have a small, highly portable smartphone that's capable of expanding to full 10-inch tablet size? That will be a device that people will rush out and buy… but there's still time to enjoy the Samsung Galaxy S5 before that comes about.