Look on my works, ye mighty, and weep…

And I’m referring to you Canon and Nikon (and Sony and Olympus).

(Can you tell I’m looking forward to WATCHMEN?)

Panasonic has released the GH-1, the “real” version of its G-1, aka the first truly modern interchangeable lens digital camera. In doing so, it marks the emergence of Panasonic as perhaps the leading manufacturer of consumer cameras today. Time will tell whether Canon and Nikon (and Sony) are able to preserve their dominance of the still and video digital camera markets by reacting.

What’s so special about the GH-1?

Well, it’s smaller, lighter, and cheaper than a DSLR by virtue of not having a mirror/pentaprism viewfinder assembly, or a large heavy shutter. It’s a “fly-by-wire” camera with an electronic viewfinder, but the electronic viewfinder is as big as a good DSLR viewfinder while accurately previewing the effects of shutter speed and aperture (because it’s live view). It focuses the way a point-and-shoot camera does, but it focuses as fast as a DSLR. Oh, and it shoots 1080p at 24dps and 720p as 60fps.

Image quality is not quite up there with the D90 or 5D MkII, but then you’re paying two thirds the price of the first and a fraction of the price of the second. It’s probably going to be cheaper than most halfway decent HD camcorders. And unlike the D90 it has proper stereo microphone hookups.

All this, and the option of Leica and Zuiko lenses.