Olympus is attempting to rewrite the rules of the mirrorless, interchangeable lens camera market with the release of its new flagship camera - the E-P3, which has been renamed "PEN".

The new model is said to have the fastest auto-focus of "any camera with interchangeable lenses," thanks to its Frequency Acceleration Sensor Technology AF, which is "driven by the new and powerful Olympus TruePic VI processor." The autofocus system offers 35 different focus point "spread over nearly the whole sensor," and has a built-in "illuminator" to compensate for potential loss of accuracy in low-light conditions.

At the heart of Olympus' E-P3 is a 12.3-megapixel high-speed Live MOS sensor, which offers a sensitivity range of up to ISO 12,800. The camera can also record full-HD videos at a resolution of 1080i and a frame rate of 60fps. It features an in-body image stabilisation system for "blur-free movies and stills with any lens."

Olympus has added a new three-inch, touch-sensitive OLED display, which is said to deliver "superior contrast, deeper blacks and a broader spectrum of colours," while using less power. For professional users, the screen offers direct access to Live Guide in Priority, Shutter, Manual and Aperture modes both when shooting stills and movies. These features are also available via two new dials that have been positioned on the back of the PEN camera.

The PEN E-P3 camera will be available in August from £799 with a 14-42mm lens.

A little later this year, Olympus will also release the E-PL3, which has been renamed PEN Lite. Similarly to the E-P3, the new compact model offers "the world's fastest autofocus system for interchangeable lens cameras," the new TruePic VI image engine, and a 12.3-megapixel sensor.

However, the E-PL3 features a tiltable three-inch LCD screen, instead of an OLED display. It's also missing the E-P3 control dials and touch-screen interface.

The E-PL3 will be available in the Autumn. Pricing has yet to be determined, says Olympus.

Also coming later this year is the E-PM1, a new model in the PEN range of compact, Micro Four Thirds cameras. The E-PM1, which is also known as the PEN Mini, has been designed for "anyone who wants a fuss-free camera that fits in their pocket," says Olympus.

The PEN Mini shares the same autofocus system and Live MOS sensor as the E-P3 and E-PL3, as well as a 5fps burst rate at full resolution. The E-PM1, which Olympus admits is not the world's smallest interchangeable lens camera, will be available in six different colours - black, white, silver, dark brown, purple and silver rose - in the Autumn. Pricing has yet to be determined.