Though it’s an important first for the manufacturer, Nikon’s midnight announcement of a new full-frame, advanced-amateur/pro market DSLR – the Nikon D700 – hardly came as a surprise to anyone who’s been following tech and photo blogs for the past few weeks.

Nonetheless, it’s exciting to finally see some confirmed meat on the bones of this rumor. Slotted between Nikon’s current entry-pro D300 and advanced D3 offerings, the D700 packs the D3’s 12.1 megapixel full-frame (that is, 24x36mm, or what Nikon terms “FX”) CMOS sensor and 51-point AF system into a body that closely resembles the more compact D300.

A pop-up flash gives the D700 all of the flexibility of a typical advanced-amateur model, with the on-board unit also serving as a wireless flash controller. Interestingly, the D700 also adds an active anti-dust system using a sensor-shake method, rectifying one of the curious oversights of the flagship pro cameras in the step-down version.

While D3-level technology abounds in the new model, the D700 does make a few noteworthy compromises: viewfinder coverage is 95 percent on the new model, rather than the D3’s 100-percent field of vision. Likewise, continuous shooting speed on the D700 is advertised at a respectable if not blazing fast five JPEG frames per second (or up to eight frames per second with the optional battery grip attached), compared to the D3’s nine captures per second.

As with the D3, the D700's sensor provides native sensitivity from ISO 200 to 6400, with range expansion options up to ISO 25,600. Assuming it performs identically (and there's little reason to think it won't) to our experience with the D3, look for the D700 to offer arguably the most usable high-sensitivity shooting options on the planet.

The D700 also gets the D3's three-inch TFT LCD, which sports an impressive resolution of around 922,000 dots. A studio-friendly Live View mode takes full advantage of the D700's high-res screen, allowing shooters to compose images directly on the LCD.

Slated to compete against the likes of Canon’s popular EOS 5D full-frame DSLR, the D700 should hit stores in July with a very competitive MSRP of $2,999.

As good as the D300 is, the D700’s employment of the D3’s near-mythic 12.1 megapixel CMOS sensor – noted for its ability to produce impressively clean, film-like shots at high ISOs – is the icing on the cake for Nikon fans who’ve been patiently waiting for a step-down full-frame model of their own. For those seeking the D3’s awe-inspiring capture performance and AF system but don’t need the D3’s speed, the D700 looks to be an excellent value.

Nikon D700 Specifications: