GH3 Rumors specifications (with current probability status):

• Wheather sealed, metal body (99%)
• Shutter button located similarly to G5 (99%)
• Focus peaking and zebras (99%)
• 920k or better capacitive touch screen (98%)
• Improved EVF (99%)
• 1080p48/ 1080p50/1080p60 at 28mbps, 50mbps and intraframe 72mbps (99%)
• 1080p120/1080p100 special modes (limited time usage), 720p120/720p100 unlimited (44%)
• WiFi direct with Android and iPhone applications with remote video capture (99%)
• 1/3.5" mic input and headphone output (98%)
• Supplied with new wheather sealed kit (55%)
• And optional battery grip, of course, XLR mic input option (98%)

43rumors version

• 16 Megapixel “Wide dynamic range” CMOS Sensor.
• New Venus 7 engine
• Electronic shutter option
• ISO 100-12.800
• 6fps
• Fastest AF of any interchangeable lens system camera.
• Video Bitrate 50Mbps (72Mbps ALL-I)
• 3.5 inch Mic in
• built-in stereo mic
• Headphones out
• Time Code
• 1740k OLED LVF, Touch Monitor OLED 610k.
• external battery grip
• Wifi with remote control through iOS and Android Applications
• external XLR accessory
• Focus Peaking
• Interval shooting and slow motion. Slow Movie extension (40%, 50%, 80%) Fast 160/ 200 / 300%
• Magnesium alloy body. Body is bigger than the Panasonic GH2.

Having had a very long chat with a Panasonic representative who has just come back from the 2012 internal product range launch in Germany at the start of the month, I think we can safely say that there will be no GH3 (replacement for the GH2) until sometime around October 2012 at the earliest. Taking a sneek peek at the launch schedule for 2012 and up-and-coming products from Pann's consumer division, this bares fruit as the checkboxes for GH2 don't stop until October. Here's the sneek peeks from the schedule. Also note, it seems the GX1 will become the budget camera of choice looking at the full year ahead.

They will also have a MASSIVE opportunity to hit hard into Canon and the rest of the market – I don't see anything too radical announced from their competition – Panny's opportunity is here; they can truly establish m4/3 with a blinding top spec flagship product. If they can sort out HDMI, improved codec for 25p/30p, true 24p/60p, 4:2:2 (could be asking for too much), picture profile editor, and they'll have a winner. This is NOT too tall an order. I think I speak for a lot of us, that we would pay 25% more for such a product. However, its more than likely they'll keep it below the AF video camera spec.