BACK home in Hungary, swimming superstar Krisztina Egerszegi is known simply as "The Queen." But even royalty must, at times, be wary of pretenders and, tonight, in the Georgia Tech Aquatic Centre, she will cast an eye or two in the direction of a certain Michelle Smith. And a couple of Chinese swimmers, too.

An Olympic gold medal - or, to be precise, a coin of sterling silver clad in 0.2 ounces of 22 carat gold - will be on offer in the 400 metres individual medley. Four years ago, Egerszegi collected the precious metal and, despite being ominously quiet since winning the gold in the European Championships last September, she'll plunge into the Atlanta pool tonight as favourite again.

Smith, though, is a genuine contender. The hullaballoo of recent days, when it appeared her entry to the 400 metres freestyle had been rejected by ACOG (who never bothered to inform anybody) may have upset some people around her. But the 26 year old Dubliner has remained focused and philosophical. There is a race to be won a medal to claim.

What medal, though? It's funny, in a way, how the Americans have dismissed her, almost out of hand, apart, ironically, from the 400 metres freestyle where USA Today describe her as "a sleeper". And she might as well live on another planet as far as Sports Illustrated is concerned.

There is no mention of Smith as a possible contender in the individual medleys neither the 400m nor the 200m - or in the butterfly disciplines. The next six days could change their views.

Egerszegi is no fool. She knows Smith represents a real threat. So do the Chinese, the remarkable 15 year old Yan Chen and the equally precocious Yanyan Wu. The other likely candidate is Allison Wagner, the American who finished runner up to China's Lu Bin in the 200m medley in the World Championships two years ago. Three weeks later, Bin tested positive for drugs.

The clenched fisted salute that Smith offered in the Vienna pool when claiming two gold medals (in the 200m butterfly and the 200m individual medley) in last year's Europeans could be repeated, with a little bit extra, should she take Irish swimming to an even higher level. It could happen, you know.

All of Smith's attentions have been concentrated on the 1996 Olympic Games, the matter of her recent marriage to her coach Erik de Bruin being perhaps the only temporary distraction. Hour after hour has been taken up with training and technique: the dream of an Olympic medal, or two, the spur. The moment of truth has very nearly arrived.

Her remarkable 400 metres freestyle time of four minutes 08.64 seconds set in Pinecrest, Florida, last Sunday week (the fastest in the world this year and the 15th fastest ever), emphasises her current well being. It points to an enormous improvement in her freestyling performance and, a corresponding improvement in the discipline during the medley tonight, indicates a couple of seconds, at least, can be chopped off the 4:42.81 she achieved in the 400m individual medley behind Egerszegi in the Europeans. She may need those vital seconds.

The best time in the world this year was set by Chen in the Chinese trials in March when she recorded 4:40.85. That time, in a way, however, will boost both Smith and Egerszegi. The Chinese were required to be close to peak condition for those tests in order to qualify. In contrast, the two European swimmers have been able to focus on Atlanta. No need to beat off an army of compatriots.

Smith's stroke technique has improved, even since the Europeans, thanks, in part, to hi tech computer and engineering assistance in her training routines. She is also exceptionally quick off the blocks and her turns are so well timed and executed that she invariably picks up vital mini seconds on opponents.

Her approach to training is total. Recently, she commented: "I have a lot of self motivation so he (Erik) never has to stand on the bank and shout at me like some coaches do . . . when he saw an athlete so motivated to train and compete it gave him motivation as well."

Such dedication has already reaped rewards. Two gold medals from the European championships testify to her ability, testify to the levels Irish swimming has reached, despite the absence of a 50 metres pool in the country.

Whether a gold medal follows tonight or not is another question. Smith is definitely a real contender and today's heats - where she will race side by side with Chen - will give an indication and, perhaps, a warning, of her capabilities.

As is customary in the swimming programme at the Olympics - unlike track and field - the eight fastest qualifiers from the heats progress into the final. Smith should be among them. So should Chen. And Egerszegi. After that, it will be a battle of the strongest.