Olympus has launched their first Micro Four Thirds based camera E-P1. Micro Four Thirds design combines the size of point-and-shot camera with interchangeable lens system of a digital SLR. The E-P1 uses a 12.3-megapixel sensor along with Olympus’ TruePic V image processing engine. The new image processing engine gives the camera ability to record 720p video at 30fps and sensitivity range of ISO 100 to 6400.

The E-P1 will feature 3-inch LCD screen with 100 percent color accuracy and 176 degree viewing angle. It will also have 20 shooting modes including five exposure modes. The camera will come with software to build a multimedia slideshow that can include stills, movies and audio, on the camera itself, without the need of a computer. The E-P1 measures 4.75” x 2.75” x 1.43” and weighs just 11.8 ounce (body only).

The Olympus E-P1 will ship this month and it will be priced $749.99 body only. The E-P1 with ED 14-42mm F3.5/5.6 Zuiko digital zoom lens will be priced at $799.99. The Olympus E-P1 is available for pre-order on Amazon.