Olympus has today announced the C-720 Ultra Zoom, this camera is an update to the C-700 Ultra Zoom. The C-720 UZ appears to have a reduced zoom range, the C-700 UZ had a 10x optical zoom, the C-720 UZ only 8x. The C-720 UZ is expected to be available in June with a US street price of $599.
More Details at DPreview
More Details at DPreview