Olympus isn't saying much (and that's understating things greatly), but it's using this year's Photokina trade show in order to tease a new integrated compact camera that's meant to serve an exceedingly narrow niche. So far as we can tell, this new "flagship" compact camera is the world's first with an "integrated Zuiko lens," meaning that it's actually not a Micro Four Thirds rig. We're still waiting to speak with someone at the company to find out exactly what the purpose is here, but we're getting the impression that it's meant to provide extreme resolution in the palm of your hand -- no need in grabbing the D3X if you can capture the next LeBron James mural with something this small, right? The press release insinuates that we won't know much more until CES 2011 (or sometime in Q1 2011, anyway), but at least we know that the accessory port will enable it to play nice with PEN peripherals.

Olympus teases Zuiko-equipped compact camera

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OLYMPUS DEVELOPING NEW FLAGSHIP COMPACT CAMERA WITH BUILT-IN ZUIKO® LENS

CENTER VALLEY, Pa., September 20, 2010 – Since 1936, photographers have appreciated Olympus's critically acclaimed Zuiko® lenses for their innovative design, high quality and superior reliability. Today, Olympus is pleased to announce that it is developing a new flagship compact camera that will be its first digital compact camera with a built-in Zuiko® lens. Olympus expects to introduce the camera in the first quarter of 2011.

Like the Olympus PEN® E-P2 and E-PL1 cameras, the new camera will include an accessory port so photographers will be able to expand its versatility by attaching optional accessories like the SEMA-1 external microphone adapter set.

A prototype of the camera will be displayed this week at Photokina 2010, the world's largest trade fair for the photographic and imaging industries held September 21-26 in Cologne, Germany. It will also be on display from October 28-30 at the 2010 PDN PhotoPlus Expo in the Jacob K. Javits Convention Center in New York City.

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Olympus teases Zuiko-equipped compact camera, leaves us desperate for details