Looks like Canon's take on the Olympus E-410
Wish people would stop complaining about APS-C over fourthirds as the difference is only 0.7 stops! http://en.wikipedia.org/wiki/Sensor_sizeFull frame would give 2 stops advantage over fourthirds but then there is the size compromise.In paper a APS-C form is technically better but it does not quite result that way in practice.
Something everyone missed is that the Nikon 1″ sensor is exactly the same size as of a 16mm film camera, so they can use all those 16mm lenses without vignetting. So covertly they are going after the video market. There is some sense in their madness.