In my opinion, they've really cheapened the design. The V1 lens hood design was actually innovative and useful, provided good protection, as well as ideal light blockage for the given focal length on the reverse-zoom. The omission of IS, cheap hood attachment, and external zooming will hopefully be overshadowed by the fact that it must surely be capable of shooting of rainbows out of the front element. It needs to be THAT good in order to sell. Surely it has all the latest coatings as well.