Olympus has introduced their third generation PEN camera based on micro four thirds standard. The new PEN E-PL1 will be priced $599.99, about $200 less than predecessor E-P1 when it ships in March 2010. The PEN E-PL1 uses that same 12.3-megapixel Live MOS sensor found on E-P1, which is eight times bigger than the average point-and-shoot camera sensor offering DSLR like image quality in a compact form factor.

Olympus PEN E-PL1 comes with 2.7-inch HyperCrystal LCD screen, 720p video recording, live guide interface, continuous autofocus tracking system, ISO up to 3200, 19 scene modes, intelligent auto mode, face detection, in body image stabilization, 6 in-camera image filters, in-camera Panorama and iEnhance mode.

The E-PL1 will be available in black, champagne gold and slate blue colors. It measures 4.51” x 2.84” x 1.63” and weighs 10.4 ounces. Olympus E-PL1 will ship in March 2010, but is available now for pre-order on Amazon priced $599 for camera plus 14-42mm f/3.5-5.6 Zuiko Digital Zoom Lens.