The latest of Olympus Four-Thirds cameras, the E-300 is priced to compete with the current $1,000 entry kits, the Canon EOS 300D and Nikon D70. By spec, it's a smaller EOS 300D with an 8MP Four Thirds CCD and auto-ISO (up to 400 standard).
The E-300 has a redesigned mirror system allowing for a flatter, smaller build. Olympus is also releasing a pair of new sub-$300 ZUIKO lenses covering either 28-90mm or 80-300mm equivalents. If you're looking for a small entry SLR, the E-300 fits the bill. If you're looking to buy in to a lens system, the jury's still out on Four Thirds.