Canon has not varied in its release schedule for the Rebel series and 10D-40D series DSLRs.  Like clockwork, Canon has released a new one every 18 months . . . until this Summer when Canon announced the Rebel XS, which added another “level” of camera to its DSLR lineup.

Previously, the old Rebel model had become the step-down model in Canon’s entry-level lineup after a new camera was introduced.  Canon now clearly has a two-tier entry-level lineup with the Rebel XS and Rebel XSi.

Even though I’ve seen a few rumors for a while now, I have not posted any to Photography Bay because I generally considered it wishful thinking.  I fully expected the Canon 50D to arrive at PMA 2009, which would be 18 months after the Fall 2007 release of the Canon 40D, which has been taking some serious drops in price lately.

I am beginning to think there may be something to the rumors now.  Here’s one of the most recent rumors on the 50D specs:

• 12.2 Megapixel APS-C sensor
• Single Digic III Processor
• ISO 100-3200 (High 6400)
• 6-8 fps depending on grip
• 3″ High Resolution OLED LCD
• Will accept EF and EF-S Lenses
• 11 point AF
• 35 Zone metering
• Viewfinder: 100 percent coverage .95 magnification
• Pop up flash
• New Lithium Ion Battery
• Weather sealing slightly better than 40D

[via DPR]

Perhaps Canon is feeling pressure from Nikon with the successful entry of the D300 and D700.  While the 40D is still a stellar camera, it’s beginning to show its age when stacked up against Nikon, Sony and Pentax’s latest offerings.

Granted, some are calling BS on these specs.  Others say they’re real.  Either way, we’ll know in a few weeks.

Stay tuned to Photography Bay and our Photokina 2008 coverage for more.