Olympus has announced a new compact camera at Photokina in Cologne, Germany have is the "world's first digital compact camera with integrated ZUIKO lens"

The new camera will be available in the first quarter of 2011 confirmed President Masaharu Okubo at the company's press conference to kick off the photographic trade event.

The new camera will also be equipped with an accessory port and therefore compatible with the accessories of the Olympus PEN models. 

Although details of the camera are incredibly thin with Olympus keeping quiet on virtually everything, according to Olympus "the ZUIKO DIGITAL lens was born of an uncompromising commitment to performance, in order to achieve the best combination with the digital SLR camera."

Specially designed for digital applications, the system allows light to strike the image sensor at a near-perpendicular angle, minimizing degradation and light loss, even in the image periphery or when using a wide-angle lens.

In addition to supporting high-speed, accurate focusing, manual focus has an extremely natural feel, and both zooming and focusing are simple and intuitive.

Probably not one for your average point and shoot then, it could prove a hit with pro-photographers fed up of carrying around big heavy equipment.