Imagine how well Boston Scientific (NYSE:BSX) could have done with a U.S. launch of its Taxus Liberte drug-eluting stent in 2005, as it was able to do in Europe. It would have had just one corporate competitor -- Johnson & Johnson (NYSE:JNJ) -- and might have been in a position to dominate the market.

Alas, a more complicated approval system in the U.S. and the consequences of a 2006 warning letter from the FDA delayed its approval until last Friday. Now Boston Scientific faces off against two additional drug-eluting stents, from Abbott Labs (NYSE:ABT) and Medtronic (NYSE:MDT), in a market still recovering from a downturn in sales caused when safety concerns about drug-releasing stents brought bare-metal stents into favor.

But regardless of how well the Taxus Liberte does -- and my guess is that it's going to have a rough time coming in this late in the game -- Boston Scientific isn't in a completely horrible position. The deal that was struck when Guidant was broken up, which sent parts to Boston Scientific and parts to Abbott, allows Boston Scientific to sell Abbott's new Xience V stent under the brand name Promus.

Early reports indicate that the duo's products are flying off the shelf, and investors won't have to wait much longer for a more concrete report on early sales. Abbott reports earnings later this week and, depending on how it breaks out the 40% royalties that Boston Scientific pays it, investors may be able to figure out how well Boston Scientific's more experienced sales force has been doing hocking the exact same product.

Whether Boston Scientific can continue to turn things around remains to be seen, but one thing's certain: Its stock has gotten cheap over the last few weeks. Whether it's a bargain or a value trap remains to be seen, but it's one stock investors should certainly keep on their watch list.

Will the Liberte free Boston Scientific from its woes? Let us know what you think in the Motley Fool CAPS community. Make an out- or underperform call on all the stent makers. It's free. It's fun. And, it's Foolish. 

Fool contributor Brian Orelli, Ph.D., doesn't own shares of any company mentioned in this article. Johnson & Johnson is a Motley Fool Income Investor recommendation. Try any of our Foolish newsletters today, free for 30 days. We'll educate, amuse, and enrich you. The Fool has a disclosure policy.