Today’s big story is announcement of the Canon 550D, also known as the Canon Rebel T2i. This camera offers many of the same features as the Canon 7D, including an 18 megapixel sensor, an ISO range of 100–6400, full 1080p video (at 30, 24 or 25fps with manual exposure control), 1.6x crop factor, and a 3-inch LCD screen.

Differences between the 7D and 550D include a rugged magnesium alloy body vs. cheaper build, 8 frames per second vs. 3.7, 8-channel readout vs. 4, two image processors vs. 1, and 19 autofocus points vs. 9. Also, unlike the 7D, there is no word on the 550D having a 100% viewfinder or built in speedlite transmitter.

The 550D is priced at $899 as a kit or $799 for the body only. HD video recording capabilities are now extremely affordable for any photographer wishing to try their hand at filming.

Here’s a hands-on video of the camera by PhotoPlus magazine:

P.S. Turns out the rumor we heard about the 550D having an articulating screen is untrue.