It’s been a hectic month for Canon digital SLR fans. Rumors have been rumors up until an hour ago when Canon finally unveiled the EOS 5D successor. The Canon EOS 5D Mark II ($2,699 U.S.) boasts an impressive new 21MP CMOS sensor, an expanded ISO range of 50-25,600 and a wealth of improvements and new features including full 1080p HD movie recording, live view, 3.0″ 920k dot LCD, DIGIC IV processor, increased battery capacity and sensor dust reduction.

Along with the revealing of the new 5D Mark II is a lens to match the new full frame sensor. The Canon 24mm f/1.4 L II USM lens ($1,699 U.S) is the latest addition to the EF lens family. A wide angle prime that has undergone a complete redesign and now features 13 elements in 10 groups.

So for those that haven’t made the jump to full frame digital SLR’s yet, begs the question — Canon 5D MKII or Nikon D700? I know I’ll be selling my recently purchased Canon 5D for one of these new bad boys.

The blogosphere is buzzing this morning about the release of Canon’s EOS 50D, the successor to Canon’s ESO 40D prosumer model. Features include a 15-megapixel DIGIC 4 processor, ISO sensitivity up to 12,800, a 3-inch 920,000 dot LCD, Live View, a self-cleaning system, and more.

But where is the successor to Canon’s popular full frame 5D? Although a fine camera considering it’s 3 years old now, the Canon 5D is being seriously trumped in the feature department by Nikon’s recently released D700.

Canon, a leader in photographic and imaging technology, announces the 12.8 Megapixel EOS 5D, creating a new D-SLR category combining a full frame CMOS sensor with a lightweight, compact magnesium alloy body. Weighing just 810 grams, it features a second generation 35.8 x 23.9 mm CMOS sensor, 3 frame per second, 60 Large JPEG frame burst and 0.2 second start up time operation.

“The discreet full frame EOS 5D is the camera many photojournalists and agencies have been asking us for,” said Mogens Jensen, Head of Canon Consumer Imaging Europe. “It will be an indispensable piece of equipment for a wide range of professionals – from contemporary wedding to reportage photographers.”

Marking five years since Canon’s first CMOS image sensor appeared in the EOS D30, the release represents Canon’s fifth new CMOS sensor to be released since April 2004. “CMOS sensors are a critical technology advantage driving Canon’s rapid digital SLR development,” remarked Jensen.

Equivalent in size to a frame of 35mm film, the camera’s 35.8 x 23.9 mm CMOS sensor gives photographers a full angle of view without magnification or cropping effect. It provides tighter control over depth of field and improves image quality by capturing more light with its large pixels.