Even though the cat was already out of the bag, Panasonic decided to drop a press release to tell us that their recently announced (but still unavailable) Micro Four Thirds camera – the Panasonic LUMIX G1 -  will cost $800.  They’re also pricing the 45-200mm lens at $350 (that’s a 90-400mm equivalent for 35mm sensors).

I’m sorry Panasonic, but that kit price still sounds high. Consider what else you can buy for $800 or less.

Press Release:

PANASONIC ANNOUNCES PRICING FOR LUMIX DMC-G1, THE WORLD’S FIRST MICRO FOUR THIRDS SYSTEM CAMERA

Secaucus, NJ (October 16, 2008) – Panasonic today announced pricing for the world’s first Micro Four Thirds System camera, the LUMIX DMC-G1 – available in mid-November for a suggested retail price of $799.95, which includes the LUMIX G VARIO 14-45mm/F3.5-5.6 ASPH/MEGA O.I.S. kit lens. Also available in November, the LUMIX G VARIO 45-200mm/F4.0-5.6/MEGA O.I.S. telephoto Micro Four Thirds lens has a suggested retail price of $349.95.

The LUMIX G1, available in black, blue and red models, is the first interchangeable lens camera to offer consumers a choice of colors. Weighing about half as much as a standard digital single-lens reflex (DSLR) camera (1.28 lbs)*, the LUMIX G1 is loaded with features that both entry-level and more experienced DSLR users will appreciate. The LUMIX G1 introduces a new Contrast AF (Auto Focus) system that is accurate and fast. Additionally, the LUMIX G1 features Panasonic’s Intelligent Auto mode found across the LUMIX line of cameras, which includes AF Tracking, Intelligent Exposure, MEGA O.I.S., Intelligent ISO, Intelligent Scene Selector, and Face Detection.

“The LUMIX G1 provides the power of a DSLR with many of the easy-to-use features from our point-and-shoot digital cameras,” said David Briganti, National Marketing Manager, Imaging, Panasonic Consumer Electronics Company. “With the LUMIX G1, we’re able to provide manual controls and professional-quality images, while also making the camera much more compact and with intuitive features easy for those new to DSLRs to learn and use.”

The LUMIX G1’s electronic Live View Finder, with a high-resolution 1,440,000-dot equivalent, allows the user to shoot the exact image seen, while also displaying information about the camera’s settings. The LUMIX G1 also features a free angle 3.0-inch LCD, enabling the user to see the adjustments as they are being made, a valuable learning tool for users new to manual controls, as the effects can be confirmed visually before snapping the shot.

Panasonic will expand its Micro Four Thirds System cameras and lenses in 2009, including a new model that builds on the LUMIX G1’s portability and style, while incorporating High Definition video capabilities. More details to be released in 2009. For more information about the Panasonic LUMIX DMC-G1, please visit www.panasonic.com/dsc.