While ILCs may be the more interesting enthusiast cameras, the more popular market seems to be the compact, fixed-lens models, most notably the Canon PowerShot S95. Olympus forges into that market with its XZ-1, a promising looking model that's not quite as compact as the S95, but with an exceptionally fast f1.8 lens and a sleek design that rivals models like the Panasonic Lumix DMC-LX5 in size and operation. I had some time to play with a preproduction version of the camera--can't really make any judgements about photo quality or performance, unfortunately--and think it's got a nice combination of features and usability that make it a model to watch.

First, here's how the XZ-1 compares to the rest of the crowd (with the exception of the Samsung TL500--no room in the table):

 ' Canon PowerShot G12 Canon PowerShot S95 Nikon P7000 Olympus XZ-1 Panasonic Lumix DMC-LX5 Sensor (effective resolution) 10-megapixel CCD 10-megapixel CCD 10-megapixel CCD 10-megapixel CCD 10-megapixel CCD 1/1.7-inch 1/1.7-inch 1/1.63-inch 1/1.63-inch 1/1.63-inch Sensitivity range ISO 80 - ISO 3200 ISO 80 - ISO 3200 ISO 100 - ISO 3,200 ISO 100 - ISO 6,400 ISO 80 - ISO 3200 Lens 28-140mm f2.8-4.5 5x 28-105mm f2-4.9 3.8x 28-200mm f2.8-5.6 7.1x 28-112mm f1.8-2.5 4x 24-90mm f2-3.3 3.8x Closest focus (inches) 0.4 2.0 3.2 0.4 0.4 Continuous shooting 1.1fps frames n/a 1.9fps frames n/a 1.3fps 44 JPEG/n/a raw 2fps 23 JPEG/8 raw 2.5fps 3 JPEG/n/a raw Viewfinder Optical Optical Optional OVF Optional EVF Optional OVF or EVF Autofocus n/a Contrast AF n/a Contrast AF 9 area Contrast AF 11 area Contrast AF 23-area Contrast AF Metering n/a n/a 256 segment 324 area n/a Shutter 15-1/4000 sec 15-1/1600 sec 60-1/4000 sec 60-1/2000 sec' bulb to 16 min 60-1/4000 sec Flash Yes Yes Yes Yes Yes Hot shoe Yes No Yes Yes Yes LCD 2.8-inch articulated 461,000 dots 3-inch fixed 461,000 dots 3-inch fixed 921,000 dots 3-inch fixed OLED 610,000 dots 3-inch fixed 460,000 dots Image stabilization Optical Optical Optical Sensor shift Optical Video (best quality) 720/24p H.264 QuickTime MOV 720/24p H.264 QuickTime MOV Stereo 720/24p H.264 QuickTime MOV 720/30p Motion JPEG AVI 720/30p AVCHD Lite Monaural Manual iris and shutter in video No No n/a tk Yes Optical zoom while recording Yes No n/a tk Yes Mic input No No Yes Yes No Battery life (CIPA rating) 390 shots 220 shots 350 shots 320 shots 400 shots Dimensions (WHD, inches) 4.4 x 3.0 x 2.0 3.9 x 2.3 x 1.2 4.5 x 3.1 x 1.8 4.4 x 2.6 x 1.7 4.3 x 2.6 x 1.7 Weight (ounces) 14.5 (est) 7 (est) 12.7 (est) 9.6 9.2 Mfr. Price $499.99 $399.99 $499.95 $499.99 $450 Availability September 2010 August 2010 October 2010 January 2011 August 2010

The Canon-like control ring around the lens is just as comfortable to use, and the 3-inch OLED is bright and high contrast. The camera has the same accessory port for an add-on EVF as the PEN ILC models.

The only real issue I had was with the body material (though it's not clear to me if it was final)' it felt a little too slippery. But otherwise, it's got a straightforward interface and nice control layout. I'm not sure where I stand yet on the USB charging. I look forward to testing the final version when it's available later this month.