Olympus surprised us all when they announced the C-3040Z back in November last year, the camera, almost identical to it's sibling the C-3030Z is distinguished mainly by the super fast F1.8 - F2.6 zoom lens, spot AF and one-touch white balance otherwise features are almost the same:

  C-3040 Zoom C-3030 Zoom
 
Lens 3 x zoom
Olympus 35 mm - 105 mm
F1.8 - F2.6
Ten pieces in seven groups
3 x zoom
Olympus 32 mm - 96 mm
F2.8 (fixed across zoom range)
Eight pieces in six groups
Focus TTL ESP AF (0.2m - Infinity)
Spot AF
Manual (0.2m - Infinity)
TTL ESP AF (0.2m - Infinity)
Manual (0.2m - Infinity)
Digital Zoom 1 x - 2.5 x
(up to 5 x in VGA mode)
1 x - 2.5 x
White Balance

Full Auto TTL (ESP)
Four presets
One-touch manual

Full Auto TTL (ESP)
Four presets
Metering TTL ESP
Multi area spot
Spot
TTL ESP
Spot
Aperture Priority Wide: F1.8 - F10
Tele: F2.6 - F10
Wide/Tele: F2.8 - F11
Shutter Priority 4 - 1/800 sec 1 - 1/800 sec
In-camera Contrast can be set -
Movie mode Can zoom Can not zoom
Recording medium SmartMedia
4 MB, 8 MB, 16 MB, 32 MB, 64 MB, 128 MB
SmartMedia
2MB, 4 MB, 8 MB, 16 MB, 32 MB, 64 MB, 128 MB

Considering which obviously the majority of this review will be based on my review of the C-3030Z, apart from rerunning all the performance / image quality tests on the new camera and exploring some of the cameras new features.