Panasonic debuted the new DMC-GF1 Micro Four Thirds camera, which it claims is “the world’s smallest and lightest digital interchangeable lens system camera with a built-in flash”. The GF1 is 35 percent smaller than earlier G models and is even smaller than recently announced Olympus E-P1.

The GF1 is the third Micro Four Thirds model from Panasonic. It features 12.1-megapixel sensor that is capable of recording 720p video in AVCHD Lite format at 30 frames-per-second. Other features on the camera are 3-inch 460k LCD screen, 4/3 type MOS sensor, RAW image support, eight Exposure modes including iA (Intelligent Auto), 16 scene modes, ISO sensitivity range of 100 to 3,200, 144-zone multi-pattern metering system, shutter speed range of 60 to 1/4000 second, eight image parameters and 3fps continuous shooting mode.

The Panasonic Lumix DMC-GF1 will ship in early October and it is available now for pre-order on Amazon. Two kits are available on Amazon – one with Lumix G 20mm F/1.7 aspherical lens for $899.95 and other with Lumix G Vario 14-45mm lens for the same price of $899.95.