Panasonic today announced the release of the Lumix DMC-G1, the worlds smallest and lightest D-SLR, according to the company.

The camera weighs about 385 grams and is based on the new Micro Four Thirds System standard, which eliminates the need for an internal mirror structure, cutting the camera's size and weight in half.

"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, Panasonic's national marketing nanager. "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."

The camera will ship with the Lumix G Vario 14-45mm/F3.5-5.6 ASPH/MEGA O.I.S lens. Another lens, the Lumix G Vario 45-200mm/F4.0-5.6/MEGA O.I.S, will also be available when the camera ships.

The 12.1 megapixel camera boasts a number of features, including AF tracking, Intelligent Exposure, Mega O.I.S., Intelligent Scene Selector, Face Detection, Live MOS, My Color Mode, and an HDMI output.

According to Pansonic, the G1 is also the first camera with interchangeable lenses that comes in a variety of colors, including blue and red in addition to the traditional black.

Pricing will be announced next month. The camera will be available in November.