"It's an exciting day for Fujifilm as we launch our second premium interchangeable lens digital camera this year, the FUJIFILM X-E1, and two extraordinary new XF lenses" said Go Miyazaki, president and chief operating officer, FUJIFILM North America Corporation.

ENGADGET: Fujifilm grows X-series mirrorless lineup with 16.3-megapixel X-E1

Panasonic calls it the "world's smallest and lightest digital interchangeable lens camera, " a fancy of way of saying it's not a traditional DSLR nor is it a regular point and shoot -- it's something in between.

ENGADGET: Panasonic's Lumix G1: world's first micro Four Thirds camera