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If you have been waiting for Canon to unleash an update at the top of their DSLR line-up, you might want to get that credit card ready. As the name would suggest, this $4,999 body is a follow up to the 1D Mark III, to which it’s almost physically identical. Inside, however, lives a completely new 16.1-megapixel APS-H CMOS sensor. The pixels are actually smaller than they were on the Mark III (5.7 microns down from 7.2), but Canon claims to have actually reduced noise levels. We’re certainly glad to hear it, because the expanded ISO range goes from 50 all the way up to the 102,400 mark hit last week by Nikon’s D3S.

The Mark IV has also received the full HD video capture treatment, sporting a list of video features similar to that of the 7D. It’s capable of full 1080p HD at 30 fps and 24 fps, but can churn out 60 fps if you’re willing to settle for 720p. The autofocus system has also been completely redesigned, boasting 45 selectable points. Dual Digic 4 processors help faster frame rates when shooting stills, maxing out at 10 fps for up to 28 frames in RAW mode. Shooting JPEG? You can get up to 121 before you run out of clicks.

On first look, this body sure looks like a real winner. Having seen some of the low-light video footage shot with it, we wouldn’t be surprised to see these making their way into the bags of pro video shooters as well as pro photographers. Get the rest of the crucial details after the break.