The Olympus E-P1, the smallest digital camera in the PEN line, offers 12.3-megapixel resolution, HD video and stereo audio capabilities, and interchangeable lens options – all without the bulk of the optical viewfinder and mirror box.

Only 4.75 x 2.75 x 1.43 inches in size and weighing just 11.8 ounces, the E-P1 uses either a 14-42mm f/3.5-5.6 or a 17mm f2.8 four-thirds lens. Images can be easily viewed after shooting on a 3-inch Hyper crystal LCD screen visible up to a 176-degree angle.

HD video features can be adjusted with effects such as pop art, soft focus, pale and light color, light tone, grainy film or pinhole mode.

For increased image stabilization and metering accuracy, the E-P1 features three modes of in-body image stabilization, as well as mechanical image stabilization to compensate for low-light and telephoto images.

An 18 x 18-metering grid adjusts the E-P1's 324-cell sensor area. Center-weighted metering and spot metering modes are also available.

The EP-1 also features a supersonic wave dust reduction filter, a new TruePic V Image Processor, multiple exposure settings and a film speed range of ISO 100 to ISO 6400.

The camera body kit, including the E-P1 body and the ED 14-42mm f/3.5-5.6 Zuiko digital zoom lens, has an estimated selling price of $799; the camera with the ED 17mm f2.8 lens with optical viewfinder has an estimated selling price of $899.