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Las vegas- In addition to the E-PL2, Olympus also announced the production of a high-end compact camera in the form of the 10MP Olympus XZ-1. Likely meant to go head to head with the likes of Panasonic’s LX5, Canon’s G12 and Nikon’s P7000, the XZ-1 features similar high-end specs packed into a tiny body.

Developed with the pro-photographer in the mind, the XZ-1 features many of the same functions as the PEN line of cameras, like full manual controls, 720p HD video capture at 30fps, 6 art filters and an ISO range of 200 to 3200. It also features a built-in 28-112mm 35mm equivalent f/1.8-2.5 iZUIKO lens.

Other higher-end functions include Dual Image Stabilization, which includes both Mechanical Sensor Shift technology as well as Digital Image Stabilization. Add Olympus’ new TruePic V Image Processor to the mix and you have a real contender.

The XZ-1 will be available in January for $499.99. ** Stay tuned until tomorrow when we will be posting a full Hands-On gallery as well as First Impressions of the XZ-1.**