We had been hearing the rumors and was pretty sure it was coming, and today, Leica made it official, announcing their new ‘Q’. The new Leica Q is a full frame compact camera with a fixed 28mm F/1.7 lens.

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The full-frame sensor on the new Leica ‘Q’ is based around a 24MP CMOS sensor with an ISO range of up to 50,000. The ‘Q’ is also capable of up to 10 frames per second burst rate, quite impressive for a camera of this type. To go along with that fast FPS, Leica claims that the ‘Q” has the fastest AF among full frame compact cameras, and we believe it, considering the only other full frame compacts are Sony’s RX1 series.

As you would expect from Leica, the body features a stunning build quality, highlighted by an all aluminum top plate and magnesium alloy body. Leica also one-upped Sony’s RX1 series by affixing a 28mm F/1.7 lens, making this both wider and faster than the Sony camera.

The new Leica Q also features full HD video recording and WiFi connectivity for easy sharing right from the camera. Rounding out the notable features is a special mode on the EVF that allows users to frame and compose their shots like they would in a traditional rangefinder, with 35mm and 50mm crop lines.

Overall, it looks like a hell of a camera, and the price – $4,200 – is actually not bad considering this is a Leica. You are paying less for this camera than you would for that 28mm F/1.7 lens on its own in the Leica M system, so if you look at it in that regard, this is a killer deal.

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Our own Jay Cassario actually had the chance to play with this camera over the last week, and he has some initial thoughts, along with image samples, over on his personal website here. Jay says, “I admit I was hesitant on how much I would like a compact camera, this one stands out and might be the first to end up staying in my bag. While the price is steep for some, I know the quality and craftsmanship that goes into all of the Leica gear I use and shoot with on a daily basis. While some will disagree, it’s worth every penny.”

His full review will be here on SLR Lounge soon, so keep an eye out for it.

The Leica Q will be available at retailers worldwide right away. You can order one from B&H as soon as they update their site from this link.

So what are your thoughts on the Leica Q? How do you think it stacks up to the RX1 from Sony? Leave a comment below and let us know what you think!