Panasonic announced the launch of the world's smallest interchangeable lens camera today called the Lumix DMC-G1. The camera uses the new Micro Four Thirds system and weighs 0.85 pounds making it also the lightest interchangable lens camera available. Note that it is not a DSLR camera, as it has no internal mirror box.

Panasonic also says that the G1 is also the first DSLR camera to be offered in multiple colors. The G1 will be available in black, blue, and red. The rear LCD is a 3-inch model that can swivel 180 degrees horizontally and 270 degrees vertically. Other features include MEGA optical image stabilization, intelligent ISO, face detection, scene selector and more. The G1 offers 12.1-megapixels. Availability for the G1 is early October with a kit form coming in November along with additional lenses.

“With the LUMIX G1, we are filling a void that has existed for a long time in the digital camera market because consumers wanted the power of an SLR, but previous models were bulky and inconvenient,” said David Briganti, National Marketing Manager, Imaging, Panasonic Consumer Electronics Company. “The LUMIX G answers this challenge as consumers can benefit from the flexibility of changing lenses; a quick Auto Focus; and a sensor that produces high-quality photos. By packing all those powerful assets into an extremely compact body with easy-to-use features familiar to point-and-shoot users, we are excited about G, as it brings new possibilities to the consumer.”

Via Panasonic