Still no official Olympus announcements but I believe these will be the specifications of the E-P1:

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Body type: interchangable lens, consumer grade camera
DSLR: 4/3 system
Manual Mode: Full Manual Mode
Sensor: vertical/horizonta ratiol 1.33 (4:3), SSWF dust reduction system
Effective Pixel: 12.3 MP
Maxi Definiton: 4032*3024
Image type: Raw 4032*3024, Jpg 4032*3024 – 640*480
Imagine: TruePic III+

Optical zoom: –
Digital zoom: –

Focus mode: high speed AF (ps. I wonder is means phase detection ?) (when used with non High speed AF lens, it will work as AF assist)

S-AF, C-AF, MF, S-AF + MF
C-AF can’t be used under high speed AF
11 foucs points, auto select or manual select
no AF assist lamp unless an external flash is attached
AF lock – half press shutter release button ( AEL/ AFL customizable)
image magnifying function when manual lens is used (focus ring is turned)

LCD

3′, 100% coverage, 15 steps of brightness control, 15 steps of colour temp control

shutter
electronic focal plain shutter
shutter speed
Auto mode
60- 1/4000s
30 mins in B mode (default is 8 mins)
(1/3, 1/2, 1 EV step increment)

Flash
external flash connected with hotshoe
supports FL-50R、FL-36R、FL-50、FL-20、FL-14
Flash mode
TTL auto, auto, manual, FP-TTL-Auto, FP-manual
extenal flash mode

Auto, red eye reduction, red eye reduction with slow curtain, 1 curtain slow sync,

2 curtain slow sync, fill flash, manual 1/4 1/16 1/64, off
x-speed 1/180 of lower
flash compensation
Max +3EV (0.3, 0.5, or 1 EV increment)
flash bracket
3 frames (0.3, 0.5, or 1 EV increment)

Exposure control
1 Auto
2 P mode (adjustable)
3 A mode
4 S mode
5 M mode
6 Scene mode
7 Art filet
Auto exposure lock
Exposure Bracket
3 frames (0.3, 0.5, 0.7 or 1 EV increment)

Exposure compensation
+3 EV (1/3 1/2 1 EV increment)

Metering
1 324 zones ESP metering
2 center weight
3 spot
4 hi light
5 shadow
ranger 0-18 EV (normal temp, 50mm F2, ISO 100)

White balance
high speed Live mos
8 presets, 3000k – 14000K
1 custom
one touch wb
WB bracket
3 frames, R-B. G-M 2/4/6 step increment

ISO
Auto 200 – 3200
M mode 100-6400
(1/3 EV increment)

High ISO Yes

Image stablizaion
internal Optical IS with 3 modes,
custom mode to support legacy lens
Max 4 EV compensation
Electronic IS for Movie mode

Scene mode
portrait, perfect portrait, landscape, landscape + people
sports, night scene, night scene with people, children
hi key, low key, DIS mode, marco, natural marco, candle light, sunset
document, panorama, fireworks, beach and snow

self timer
12 or 2 s

Burst mode
3 FPS
Max 14 Raw
Jpg depends on compress rate and no. of shots
(LN mode with toshiba super class 6 4GB card can shoot about 280 frames

colour mode
vivid, natural, soft, portrait, monochrome, custom(default is natural)
5 steps of contrast and sharpness control for each mode
5 steps of saturation control for vivid, natural, soft, portrait modes
4 steps of gray scale control in custom mode

Art filter
can apply yellow, orange, red, green filter in Monochrome mode
LCD can show monochrome mode (PS no sure what it means)

Movie mode
HD:1280 x720(V)16：9
SD：640（H）x480（V）4：3（VGA）
Max record time HD:7mins SD:14mins

Colour space
sRGB, Adobe RGB

User interface
34 languages

Mic/speaker
mute/ volume controllable

Print mode
Pict Bridge

Editing funtions
Raw Edit (I think it mean Raw development)
Jpg Edit: Auto gray scale, monochrome, sepia, red eye reduction, saturation
resize, crop, image ratio, perfect portrait

replay mode

single frame, information(histogram, brightness, RGB, highlight/shadow, AF area, EXIF), index (4/9/16/25/49/100 frames a time), calendar,

close up (2-14x), rotate, movie (with sound, fast forward, backward, pause), slideshow

delete mode
single frame, all frames, selected frames (with frame protection function)

Medium
SD/ SDHC

File Format
12 bit Raw, jpg, Raw + jpg, AVI motion jpg 30 fps

Terminals
USB 2.0
USB multi purpose output
MiniHDMI type-C(1080i/720p/576p/480p)

Power
BLS-1 Li-ion battery, around 350 frames per charge

Exterior (information for general consumers, u can ignore them)
light weight, no
slim body, no
large LCD

Others
dimension 120.5*70.0*35.0mm
weight 335g body only

Remote control RM-UC1, which can control the B shutter
shake reduction (1/8 to 30s)

2 My modes
Sleep mode. 1, 3, 5, 10 mins

Art filter
soft, pinhole, Grainy Film, Light Tone, Pale Light&Color, Pop Art

Multiple exposure
2 frames, auto gain control, real time, expose on a ready exist frame

Image ratio
4:3、3:2、16:9、6:6
when shoot in raw, image ratio is recorded in EXIF

2 axis leveling on LCD display

Liveview

Face detection

grid line assist

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First picture taken with the E-P1???

Click on picture to enlarge!

More here: http://dcdv.zol.com.cn/137/1373593.html

Do you like it?

Source: http://www.shuttertalk.com/forums/viewtopic.php?pid=69151

Many Thanks to Kasey and O.N. who sent us the link simultaneously :)

UPDATE: The black E-P1 shown here (http://info.xitek.com/news/200906/15-20900.html) is clearly a fake!

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UPDATE 2: Possible specs from http://forum.xitek.com/showthread.php?threadid=635107

Prices close to ¥ 90,000 ($917) Single lens plus two second half of the sale of 120,000 ($1,222) to ¥ 130,000 ($1,324)

17mm F2.8 sale  ¥ 10,000 ($101)  and 14-42mm F3.6-sell about ¥ 35,000 ($356)

SD 13M RAW JPEG RAW+JPEG
1280×720 7min 1280×720 7min video
640×480 14min 640×480 14min
Liveview  with  embedded electronic Liveview shake correction
3 LCD
11區域AF 11 area AF
ISO 6400-200
Shutter speed 60-1/4000

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P.S.: If you want to post the image on your blog/forum please use this link: http://i44.tinypic.com/2aaecd1.jpg

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http://www.yourdigi.com/web/products/dc/olympus/20090611/24,6038,0.htm

Chinese friends, we need an english translation from you! :)

If that picture is true there will be two different colored kit and prime lenses!

Here is the google translation.

Product Description:

Olympus E-P1 is a compatible at the micro 4 / 3 System standard for digital camera lens. “Olympus Pen” name comes from the legendary Olympus Semilattice film cameras, in the October 1959 release quickly swept the world, the global total of 1,700 million units sold, and continued around the world people brought the joy of photography. New products we have decided to give the same product name, because it will be a new camera to reduce the size of the original Pen and convenient in terms of the same ground-breaking achievements to digital SLR photography, and fashion design at the same time a classic display of their charm. This name expresses our commitment to make as many people as possible can experience the real fun photographic pursuit.

As a result of the micro 4 / 3 System standard, this camera the abolition of the traditional SLR mirror box design, which greatly reduces the camera size, and high-performance and high image quality, such as the advantages of traditional single-lens reflex camera is in no way lower. Olympus E-P1 has a beautiful body and the metal texture to express the originality of the “OLYMPUS PEN” by emitting a series of cameras, high-quality design features and superb technology.

More user-friendly easy to shoot, Olympus E-P1 is also a very special additional features and utility of the i-Auto Intelligent Auto-priority mode, it can automatically assess the scene and set up the best scene mode accordingly.

E-P1 is equipped with a 1,230-megapixel Live MOS sensor and high-speed research and development of new image processing engine TruePic V to provide the previous single-lens reflex cameras only to achieve the high-definition images. In addition, the HD can record 720p high-definition video. The camera also offers stereo linear PCM format audio recording capability, the real effect of the realization of high-definition audio and video synchronization, so that more professional high-definition filming. In addition, the art filter function – used to add exciting image filter effects. At the same time, the dynamic can be applied to video and still images, which greatly enrich and expand the creative expression of the user space.

Olympus E-P1 will attract the birth of a wide range of user groups, not only for beginners can be used as the entry-level digital SLR cameras, and can be used as a high-level enthusiasts and professional photographers the backup camera.

Many thanks to Kyril! He discovered the picture!

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Here is a small summary of the E-P1 possible specs with a percentage of probability:

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1)  12MP sensor (effective megapixel)  99%

2) BodyIS 50%!

3) 3.0 LCD and no swivel 85%

4) New liveview which works very well with the BodyIS  99%

5) ISO 200-3200  50% .   Other option is 100-3200 50%.  May this will depends from the final firmware.

6) Two colours – Silver (with black parts) and White/beige (and a black model?)   79%

7) 17mm 2.8 lens 99%

8 ) The 17mm will come in two colors (silver and black?) 60%

9) One more lens to come? Maybe a second zoom? 35%

10) Same autofocus as the Panasonic G1   50%

11) Video 720p  ( Video Record can use 6 ART Fliters, and there is audio recording) 99%

12) Size 120×70x35mm  70%

13) SD/SDHC cards

14) The E-P1 can control an external flash (the FL-XXR)

15) 990$ body+kit lens  70%

16) New converter 43->M43 (with autofocus with normal 43?)  90%

17) external flash FL-xxR ?  75%

UPDATE:
18) 17mm external viewfinder 70%

By the way, we only have to wait 6 days to know all what we have to know :)

http://photofan.jp/camera/html/modules/newbb/viewtopic.php?topic_id=6397&forum=45&viewmode=flat&order=ASC&start=80

Great to see we were right with the 17mm 2.8 lens!

Sorry guys, this time I have been late posting the picture. I was flying and I just arrived in my Hotel. This leaked picture was posted yesterday in a chinese forum http://forum.xitek.com/forumdisplay.php?forumid=88. Thanks to all the people who sent me the link.