With the launch of the Olympus PEN E-PM1, Olympus fields their lightest, smallest, and one of the less expensive models in the PEN line.

You definitely can’t complain about carrying it around all day.  At just over 4 inches long and 1.5 inches wide it will fit in your pocket.  Weighing in at just over 9 oz, with the battery, you’ll hardly know it’s there.

The E-PM1 is built around the mid-range MOS 4:3 sensor, yielding 13.1 MP resolution at its native 1:33 (4:3) aspect ratio.  That’s backed up by the TruePic VI image processor that serves as the electronic brains behind the curtain.

The stock lens is a respectable 14mm to 42mm zoom, fitted for the 4:3 sensor size. Behind that is the Olympus iAuto feature that automatically identifies the type of scene you’re shooting and adjusts the camera settings for optimum results.  There are also a selection of in-camera art filters.

For a small camera the PEN has some nice features.  It gives you the option to shoot JPEG or RAW stills, along with 3D stills in the MPO format.  It also has modes for fireworks, sunsets and panoramas.  the E-PM1 also features face detection and Eye Detect AF, which, as the name implies, uses the eyes as subject focus point.

For video the E-PM1 can pack in a full 29 minutes of 1080/60i HD video with stereo sound.  Videos can be in either AVCHD or AVI fomats and there’s a one-touch video button.

Available for pre-order for $499 at B&H, but no word on a delivery date.