This week, Olympus announced its new LS-20M pocket camcorder that boasts 1080p HD video recording and 24 bit/96 hHz linear PCM audio recording using two condenser mics. Engadget reports that the handheld’s “relatively high-end audio specs should help it go toe-to-toe with Zoom.” (The $300 Zoom Q3HD Handy Video Recorder was introduced late last year.)

According to the Olympus press release: “The HD video compression format makes it easy to upload videos to Facebook, YouTube, iTunes, Vimeo and other web-based content sharing sites, and the resolution offers remarkable detail on modern home theatre systems.” The LS-20M can record audio in stereo as WAV and MP3 formats. It is 5.3 inches in length and weighs 5.4 ounces.

The new camcorder also includes “Magic Movie” special effects settings such as Rock, Sketch, Pinhole and Pop.

In the wake of Cisco’s announcement to discontinue the Flip camera line, the Olympus LS-20M is a potential replacement for consumers and a possible new tool for mobile reporting. The device will be available by June 2011 for MSRP of $300.

Related Olympus press release: “New Olympus LS-20M Unites High-Definition Video and PCM Audio to Capture Sights and Sounds Like Never Before” (5/3/11)

Related Engadget post: “Zoom’s dual mic-equipped Q3HD camcorder now available for $300” (11/2/10)