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We knew Micro Four-Thirds had potential to make some dynamite little cameras an manufacturers don’t seem to be wasting their time exploiting the chance. The press release touts the GF1 as “the world’s smallest and lightest system camera with a built-in flash.” It checks in at 12.1-megapixels (4000 x 3000(L)) and can record HD video (AVCHD) up to 720p (1280 x 720).

The entire system drops in October, at which point the body will cost $899, which is $100 more than the EP-1 with a kit lens. You can choose between two GF1 lenses, including the new LUMIX G 20mm/F1.7 ASPH “pancake” lens and the LUMIX G VARIO 14-45mm/F3.5-5.6 ASPH/MEGA O.I.S. If you’re going to spring for the Live View Finder (and we don’t see why you wouldn’t), it’s going to cost you an extra $200. All the important details and more images below.