Olympus PEN E-PL1

The PEN E-PL1 is Olympus' third camera in the Micro Four Thirds format. For those that are still unfamiliar with it, Micro Four Thirds is a format somewhere in between dSLR and point-and-shoot, meant to achieve high-quality photos (like a dSLR) in a compact body (like a point-and-shoot). The first handful of M-4/3 models from Olympus and Panasonic are great cameras, but still designed more like mini-dSLRs than true compacts. The E-PL1 is the first truly compact model and the first with a built-in flash and it's the cheapest Micro Four Thirds yet ($600). Early reports indicate that the picture quality is still stellar.

• 12 megapixels
• 2.7-inch LCD monitor
• 720p HD video
• RAW + JPEG file format
• Built-in flash
• Accessory port for electronic viewfinder, microphone
• In-body image stabilization
• 14-42mm f/3.5-5.6 lens included
• Captures to SD/SDHC memory cards
• Rechargeable lithium-ion battery
• $599.00