Canon just surprised the photo world with this fresh announcement, showing off its EOS Rebel T2i that will take its place atop the company’s Rebel line of lower-cost digital SLR cameras.

This 18-megapixel powerhouse is the beneficiary of a lot of trickle-down from Canon’s twice-as-expensive EOS 7D camera. That means you’ll be able to get a $799 camera (body only) with such advanced features as 9-point autofocus, a 63-zone dual-layering metering system just like the 7D, a 3-inch live-view smudge-resistant viewfinder, ISO of 100- 6400, and 1080p video shooting at 24, 25, or 30 frames per second with an external mic input.

Canon’s not saying yet when this relatively cheap camera ($899 with an 18-55mm f/3.5-5.6 image-stabilized kit lens) will be available, but soon thereafter, the company’s going to need to raise the bar on its higher-end cameras just to keep up. And whoa, Nikon, you have a lot of catching up to do now.

The T2i (also known as the EOS 550D) shoots some really nice video, too