Canon have just announced a new Rebel in their consumer range of cameras. However this one really could be considered a baby 7D, as it shares many of the technologies the 7D introduced. And for the time being the 500D is not being discontinued.
As well as getting a resolution boost to 18 megapixels and upgraded movie mode (full HD capture at up to 30 fps, full manual control and external stereo microphone option), the EOS 550D gets the 7D’s sophisticated new metering system. It also has a new widescreen LCD panel, improved button design, and finally offers the ability to customize the Auto ISO function.
- Canon EOS 550D

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