Canon's [NYSE:CAJ] Digital Rebel is a benchmark in the camera industry with its lightweight, compact enclosure and outstanding picture quality. Its pricepoint has also been a trendsetter; a better value proposition on a DSLR you won't find anywhere. Since the first Rebel, Canon has come out with a few more iterations, and today it got official on rumors of a new one. The Rebel XS will ship in August for $700 MSRP, and comes bundled with the standard Canon kit lens (an EF-S lens with 18-55mm zoom and f/3.5-5.6 aperture size.) The bundle will include all the usual stuffs: battery pack and charger, cables, and software. 

The new XS will trump its predecessor, the XT, with a larger 2.5-inch screen, while sporting the same 10 megapixel sensor as before. It will also include live view display, 3fps burst shooting, and Canon's DIGIC III image processor.