Panasonic GF1: Pro-level picture quality packed in an ultra compact design.

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Panasonic announced, today, the newest in their LUMIX G Series – the DMC-GF1. They’re calling this latest addition to the lineup “the world’s smallest and lightest interchangeable lense digital camera with built-in flash.” And, in fairness, the body does only weigh 285 grams.

It packs powerful DSLR-like and HD video capabilities into a sleek and easy-to-use compact body. And its 12.1-megapixel live MOS sensor can capture images up to 4000 x 3000 pixels.

Features include:  Full-time Live View, high-speed, high-precision Contrast AF, Built-In Flash, an on-screen Exposure Meter and an iAuto Mode with “Peripheral Defocus” to prevent shooting errors. There are also more than 20 available Leica M/R lenses or 30 Four Thirds lenses that can be used with the standard GF1, simply by mounting a separately purchased lens adaptor.

The GF1 can record 1280 x 720 High Definition video in AVCHD Lite, a format that enables longer recording times and has a unique Movie Program Mode that lets you adjust the depth-of-field while you’re shooting in HD. Very cool.

Available now for pre-order (and in stores Oct. 15), the GF1 will also be available in two kit versions — one with the LUMIX G VARIO 14-45mm / F3.5-5.6 ASPH. / MEGA O.I.S. Lens and one with the LUMIX® G 20mm / F1.7 ASPH. Lens.