Nikon announces two mirrorless cameras

— -- After months of whispering behind closed doors, coded messages, clandestine smoke signals, and all manner of spy photos, the rumors are true: Nikon will release two mirrorless interchangeable lens cameras this year, to compete with similar offerings from Olympus, Panasonic, Sony, and Pentax.

The system will be titled the "1 system" and feature a new "CX" image sensor and mount (to go along with the company's DX and FX full-size DSLR cameras). Nikon will offer two models at first: the J1 and the V1. The cameras will sport 1/1.7-inch CMOS sensors, far smaller than what is offered in the mirrorless Micro Four Thirds and Sony NEX cameras.

From the first round of hands-on photos, it looks like the smaller sensor has allowed Nikon to build more compact lenses and bodies similar to what Pentax has debuted with its "Q" system. The result? Pocket-sized cameras with interchangeable lenses.

There aren't many noticeable differences between the two launch models, though the J1 will feature a built-in flash while the V1 will not. The V1 will offer a built-in electronic viewfinder, however, with an accessory port that will allow for an external flash, GPS, and other accessories. Neither camera will have an on-camera hotshoe, but both are constructed of durable magnesium alloy.

Filling out the rest of the specs, it turns out most of the rumors were true: both cameras offer a 10.1-megapixel image sensor, hybrid phase and contrast detection autofocus, the new EXPEED 3 image processor, and an ISO range of 100-6400, including the Hi-1 setting.

The cameras will feature full HD 1080/60i video recording, with 720/60p recording also offered, and a maximum photo shooting speed of 10fps at full resolution. Both cameras will offer up to 1200fps video recording for slow motion video capture, as well as noise reduction tailored for low light video.

At launch, there will be four lenses available, with several more currently in development. In the near future, Nikon has promised to release an F-mount adapter to allow fit compatibility with the full range of Nikon DSLR lenses.

Both cameras will be available Oct. 20, with the J1—tailored for entry-level shooters—shipping with a 10-30mm kit lens for $650 while the V1 will sport the same lens and fetch a price of $899.

Stay tuned for more updates, including a hands-on preview coming soon.

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