Their system is called DMSC (Digital Motion & Still Camera) The lower end ones aren't really worth it for photography given that its a 3MP size image, which is big for video, but not for photo. Prices aren't out for the modules and none of the stuff will be cheap so don't think that this will be a Canon killer or something of the sort, this is real professional video stuff.
The base brain (AKA just the sensor module, no viewfinder, no battery, no lens, NOTHING!) to shoot 10MP images is already beyond the price range of a 5DII.
Also if you want to see samples of the kind of things that will be done with these cameras look up the RED ONE. It was their previous camera also made to be modular like this new system.
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