Olympus gets in on the Micro Four Thirds scene with its compact SLR concept

Things are ALL GO on the hot Micro Four Thirds SLR scene right now. Panasonic revealed its Lumix G1 just last week, shrinking the traditional SLR into a very fancy-looking body.

Olympus, Panasonic’s partner in the new system, has different plans. It’s using the shrunken optical internals to create a compact-styled camera that boasts the power and lens connectivity of an SLR. And a lovely little orange faux-leather band. To be honest, we’re only mentioning this because of the leather band.

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The unnamed Olympus device is, sadly, just at concept stage at the moment, so there’s a very real risk that that leather detailing will be replaced with a cheaper plastic…

Panasonic launching small "Micro Four Thirds" Lumix DMC-G1 SLR camera this October

The upcoming Lumix DMC-G1 is a proper SLR, only engineered using some kind of shrink-ray technology (the new Micro Four Thirds system) to make it 27 percent smaller than existing SLRs, like the Lumix DMC-L10.

Plus it only weighs 385 grams – the equivalent of 10 four-finger Kit Kats, and manages to pull off 12.1megapixels. Here’s what it looks like. And yes, there is a pink one for the ladies.

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The halfway-house DMC-G1 is down for an October 31 launch…