I just was a report that the Canon 5D 12 MP full-frame body may be available for as low as $2,149 at one or more major online camera resellers. This is great news for those who want/need full-frame but have been put off by the fact that the 5D price started out more than $1000 higher than this.

This price makes the 5D a more attractive (or perhaps I should say ‘possible?’) option for those who might otherwise be looking at a camera like the Canon 40D. While the 40D can do some things that the 5D cannot (6.5 fps, for example) those whose feature needs are met by the 5D can spend a bit more and get the image quality advantages of full frame.

On the other hand, the lower price of the 5D could well signal the imminent release of the supposed “5DII,” or differently named update of the 5D. While there is only rumor of such a camera, reasonable guesses include the likelihood that it may have a 16 MP sensor, dust-reduction technology, and some of the other features that have shown up in other recent Canon DSLR cameras. My hunch is that the initial list price of such a camera would be in the $3000 range.

Given that rumor, is it better to wait for the update or take advantage of lower prices on the current 5D? If price is an issue, the current 5D is a fine camera for most full-frame photography. Frankly, the difference between 16MP and 12MP is likely to be completely insignificant for most people, and only somewhat significant even for those who make pretty good size prints. If I needed a new full-frame body now and didn’t think I’d be able (or willing) to afford a $3000 16MP body during the next year I would not hesitate at all to get a 5D now.

(Well over a year ago I posted a piece speculating about Canon models in which I guessed that Canon might push full frame bodies down “lower” in the product line before too long. I still suspect that Canon might do this before long, possibly by keeping the 12MP full frame sensor but in a less-expensive body that would be cost-competitive with the recently-announced Nikon D300 – introducing this new full-frame model at a list price of around $2000 and a real sales price lower than that. I’d guess that a 16MP 5D update would also be produced but with pricing more in line with that of the original 5D.)