Aside from it’s two brand new flagship models, the XZ-1 and the E-PL2, Olympus has announced the launch of the VG-120 and VG-130, two 14 megapixel snappers that both feature a 5x optical zoom and 3-inch screen.

The new models, which are aimed at the starter market, will be different only by the VG-130 coming with a full-metal body.

As you come to expect in a digital camera today, both will feature 720p High Definition quality recording at the press of a button, while those looking for some “magic” can opt to play with the seven Magic Filters Olympus has packed in the camera.

Elsewhere you get SDHC/SDXC compatibility, AF Tracking, Intelligent Auto Mode (i-Auto), and ISO 100 to 1600.

The Olympus VG-130 is available in silver, black, red or pink for £100, the VG-120 in silver, black, red or blue for £90, both from mid-January 2011.

CES 2011 is now in full-swing,  be sure to check out our dedicated CES homepage for all of the news as it breaks, as well as detailed analysis.