Man, I almost look forward to Canon announcements as much as Apple's. This new 50D looks mighty nice. From DPReview:

Almost exactly a year after the arrival of the EOS 40D, Canon has announced the 50D, which we're assured will be a sister-model, rather than a replacement. Recent history has seen Canon release new models every 18 months-or-so but it's been a busy year with newcomers such as the Nikon D300 getting a lot of attention in the 40D's keen amateur/professional segment. The 50D puts essentially a 40D body wrapped around a newly-developed 15 megapixel sensor that finally rectifies the situation in which Canon's x0D range trailed the company's entry-level line, in pixel terms. Canon is claiming that the new sensor's design (new manufacturing processes, redesigned photo diodes and micro lenses) mean that despite the higher resolution the noise is actually lower than the 40D, something we'll obviously be putting to the test when we get our hands on a production model.

The other big change is the inclusion of a new, high-resolution LCD screen. 920,000 dots mean that it can convey 640 x 480 RGB pixels, making it effectively a VGA standard monitor.

$1,200 is a lot of money, but for the top of the "prosumer" line, it really isn't all that bad...