OM System has unveiled the OM-3 Micro Four Thirds mirrorless camera, combining an old-school Olympus-style body with the latest stacked sensor technology. The new model offers buyers many of the capabilities of the company’s flagship $2,300 OM-1 Mark II, including fast shooting speeds and 4K 60p video, at a slightly lower price point.

The OM-3 is a brand new product line for OM System, falling between the OM-1 II and OM-5. It’s quite a bit prettier than either model, though, evoking the older, coveted Olympus PEN-F camera. Like that model, it lacks a raised grip — so users must rely on the leatherette texture and thumb rest to keep hold of it. For travelers, the OM-3 is relatively light at just 17.5 ounces (496 grams) without a lens, a bit less than Fujifilm’s X100 VI.

The body is replete with dials and switches, including a pair of shooting dials, a mode dial and another to change between shooting photos, video and S&Q. One unusual feature is a “creative dial” at the front (borrowed from the Pen-F) that lets you switch between five modes (standard, mono, color, art and color creator). Those open up screen menus that allow further customization.

Inside, though, the OM-3 is effectively a mini OM-1 II. Like that model, it comes with a 20.37-megapixel stacked BSI sensor that delivers very fast 50fps shooting speeds with continuous autofocus. It also offers the same 1,053-point on-chip phase-detect autofocus system along with pre-capture shooting of up to 70 frames. And despite the small size, it comes with five-axis in-body stabilization, albeit with lower performance (6.5 stops instead of 8) compared to the OM-1 II.

The other major downgrade is the lower-resolution 2.36-million-dot EVF that’s a bit disappointing given the price (the OM-1 II has a nice 5.76-million-dot EVF). It also comes with just a single UHS-II memory card slot. However, the OM-3 has the same 3.0-inch vari-angle display as the OM-1 II, which is nice for content creators, while also offering identical IP53 weather sealing and the same BLX-1 battery with 590 shots max in standard mode.

On the video side, the OM-3 can shoot 4K video at up to 60p using the full sensor width with 10-bit log recording (though it can’t shoot 10-bit video in standard mode like Panasonic’s latest cameras). It also offers 1080p slow-mo at up to 240fps, albeit with a crop. If you’re willing to use an external recorder, it can capture 4K RAW video at up to 60fps. Like the OM-1 II, the OM-3 has minimal rolling shutter in all video modes, so it should be great for capturing action.

The OM-3 is now on pre-order for $2,000 (body only), or $2,300 in a kit with the M.Zuiko Digital ED 12-45mm f/4 Pro lens. Shipping is expected to begin in late February. Olympus also announced an updated, more rugged version of its 100-400mm zoom, the $1,500 M.Zuiko Digital ED 100-400mm F5.0-6.3 IS II, along with new weather resistant primes, the M.Zuiko Digital 17mm F2.8 II ($550) and M.Zuiko Digital 25mm F1.8 II ($500).