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While many see the 50D as an upgrade of the 40D, Canon says it intends to sell both cameras. The 50D also features Canon's 'Integrated Cleaning System' and a liveview mode, which also allows users to use three ways to auto focus - Quick AF, Live AF, and new Face Detection Live AF.
The 50D will be available at the end of September. The price is said to be $1400...not bad.
For a listing of the specifications, go to DPReview.com. The Wired blog also has a post.