
The new Olympus PEN EPL-1 has just been announced, it looks good in silver from the front, but looks better from the back in black. A new budget version of the Olympus PEN EP-1, and Olympus PEN EP-2, with built in flash, it will be available in March, priced at $599 with 14-42mm (28-84mm Equivalent) kit lens.

Other specs feature: ISO 100 to ISO 3200, HD Video recording, 12 megapixel sensor, SDHC card support (Class 6 recommended), anti-shake sensor, face detection, in camera panoramic mode, 2.7″ screen, 6 art filters, multiple exposure, dust reduction sensor, HDMI out etc.

Two new lenses have also been announced: “the new super wide-angle zoom ED 9-18mm f4.0-5.6 lens (18-36mm equivalent) or the high-power wide to telephoto zoom ED 14-150mm f4.0-5.6 lens (28-300mm equivalent).” and Olympus have also announced underwater housing for the camera.
Press Release below, Found at Pocket Lint, Crunchgear, Photorumors, 43rumors