Olympus UK has announced its recommended pricing for the PEN Lite E-PL3. The MSRP will be £549.99. Olympus US has not yet announced pricing but, to put the UK price in context, it is around the same list price as Nikon's D3100 kit or the Panasonic GF3, 14mm lens combination - both of which have recommended selling prices of $699 in the US. Neither territory has yet given details of the even simpler (and less expensive) PEN Mini (E-PM1). Olympus UK says the PEN Lite will be available from 'late summer.'

Press Release:

The PEN Lite from Olympus is one of three new PEN system cameras

Another PEN, another little miracle

Over the last couple of years, Olympus PEN has made a name for itself with retro-styled, easy-to-use, compact system cameras that take very high-quality pictures.

The new PEN Lite (E-PL3) does that and more. It gives you all the creativity and interchangeable lenses of an SLR camera, but with none of the hassle – and none of the bulk. The secret is a powerful new processor called TruePic VI. More power means a whole camera-full of new state-of-the-art features, including FAST AF – world's fastest* autofocus system for interchangeable lenses. The processor also drives an impressive array of Art Filters that you can use (and even combine) with 1080i Full HD movies and stills. Like every PEN, the E-PL3 has Image Stabilisation built into the camera body, so it doesn't matter if your new (or old) lens doesn’t have decent IS as the Lite automatically compensates for shaky hands. A brand new feature is the tiltable 3-inch LCD. If you have to hold the camera at arm's length, for example to get a shot over a crowd, tiltability makes life a lot easier – just like everything else on the PEN Lite!

The E-PL3 will be in the shops from late summer in black, white, silver or red with 14-42mm II R zoom lens; pricing £549.99 for the standard kit.

* As of June 2011.