Not a DSLR, and definitely not a point-and-shoot, Panasonic’s Lumix DMC-G1, announced today, is the smallest camera with interchangeable lenses. Because it forgoes a DSLR’s internal mirror system in favor of the Micro Four Thirds System, the body weighs a scant 0.85 pounds. It also saves space by employing an electronic– not optical– viewfinder. According to Panasonic, the G1 is for people who have been turned off by DSLRs bulky shapes, but want comparable image quality. According to Panasonic, the G1 is also the first camera with interchangeable lenses to come in a variety of colors: users can buy it in black, red, or blue. The 12.1-megapixel camera has a 3-inch LCD with 100 percent field of view and that swivels out 180 degrees. Other features you’d expect in a camera of this caliber: optical image stablization, and Intelligent Auto Mode (including Intelligent ISO, Intelligent Exposure, and Intelligent Scene Selector, and Face Detection for up to 15 faces). It also has HDMI output and a vibrating dust reduction system. The G1 will ship with a 14-55mm lens. Pricing for the G1 will be announced in October. Check the pictures after the jump.