Nikon 1 V3 camera unveiled: $1,200, 120fps slow motion, 20fps continuous shooting

Tonight Nikon is unveiling the latest edition of its 1 series of mirrorless cameras, the Nikon 1 V3. Compact yet powerful, it follows up on the V2 by packing an 18.4MP sensor, built-in WiFi, 1080/60p video capability and a new image processing chip. Standout features for pros and amateurs alike include the V3's ability to shoot stills continuously at up to 20fps with autofocus -- the fastest we've seen from an interchangeable lens cameras -- 720p slow motion video recording at up to 120fps and 171 "densely packed" focus points that Nikon claims give it better ability to track moving objects than DSLRs.

It also adds a touch-panel tilting 3-inch LCD and arrives alongside two new 1 NIKKOR lenses -- a 10-30mm f/3.5-5.6 PD-Zoom and 70-300mm f/4.5-5.6 are available for $300 and $1,000, respectively. Last year the falling prices of DSLRs reportedly had Nikon reconsidering their ILC lineup, but judging from the V3 the company is plowing full steam ahead. A full kit with camera, 10-30mm lens, viewfinder and grip will go on sale in April for $1,200 -- check Nikon's website for more details on specs and features or look after the break for a brief demo video.