So, if you read any of the same blogs I do, you’ll have already read about this many times by now, but for those of you who haven’t, or just really want my input on the matter, Oly announced a third sibling in the PEN line-up today.

This new one, the E-PL1, is already being billed as “the affordable PEN,” although in fact it’s the most mainstream of the three that sets it apart. It adds a pop-up flash, and retains the E-P2’s wonderful support for that hot shoe-mounted EVF. The core specs remain in the usual ballpark: 12.3 megapixels on a 4/3 sensor, in-body IS, art filters, and 720p HD video (now with a dedicated record button. Ooh, shiny).

The major changes really are in the design, which doesn’t really sacrifice anything to looks (although a Mr Charlie Sorrel over at Wired seems to be of quite the opposite opinion), with this camera clearly being the true entry-level PEN we’ve been waiting to see ever since it became clear the E-P1 wasn’t gunning for a pro market.

How can I tell? It’s the controls on the rear here. Gone are the “advanced” jog wheels, and enter a few buttons which leave it looking…. yup, like a modern point and shoot. Go ahead, click the image there to see them large. Again, and maybe it’s just my familiarity and love of the E-3 (itself widely known for having a friggin lot of buttons), but I’ll have to disagree with Mr. Sorrel’s assessment of this being a button-heavy mess here too. It’s controls are clearly designed to provide a smooth transition from high-end point and shoots.

Anyway, we’ll have more to come on this shooter soon, but, if you don’t need jog wheels and have been eyeing the Pen system waiting for a cheaper option, it looks like your time is finally coming.