Compact and capable, the Nikon Coolpix P7700 is a camera for amateurs and pros alike

The daddy of the compact cameras Nikon has announced today is the Coolpix P7700 (which we brought you leaked pictures of a few days back). It's a mighty model in features but small enough to carry in a pocket.

Headline features include a fast, fixed f/2.0-4.0 Nikkor 7.1x optical zoom lens, 1/1.7-inch 12-megapixel CMOS sensor, lens shift vibration reduction, the ability to shoot RAW files, Full HD video recording with surround sound, and a 3-inch 921k dot vari-angle LCD monitor.

The Nikon Coolpix P7700 also offers manual ISO settings from 80 to 6400. There are a number of in-camera picture controls; you can adjust the sharpness or colour balance before even shooting (for all modes - P/S/A/M), and shortcuts for settings can be stored in two custom picture controls modes.

Burst options include three different continuous mode rates of 8 frames per second (for up to 6 frames), 4 fps (for up to 6 frames) and 1 fps (for up to 30 frames).

There are several different effects and filters that can be added to shots, including painting - to make images look as if they were, you know, painted - and selective colour, whereby the camera makes the image monochrome apart from the one colour chosen.

Eye-Fi X2 (or later) cards are supported for wireless transfer of images. And there are a number of accessories with which the P7700 will be compatible, including Nikon's own speedlight flash units, the ML-L3 remote control for remote shutter release, 40.5 mm filters, the MC-DC2 Remote Cord and the GP-1 GPS unit.

Available in black, the Nikon Coolpix P7700 will be out on 27 September for £499.99.