Canon has an event scheduled for March 25th, and rumor has it that their big announcement will involve a new DSLR in the Rebel line—the EOS 500D.

As far as specs are concerned, the 500D is rumored to have a 15-megapixel sensor, DIGIC IV imaging processor, ISO levels up to 12800, an articulating LCD with 900K resolution an some sort of 1080p "movie mode"—an extension of the 5D Mark II and similar to the Panasonic Lumix DMC GH1. Information about the 500D varies, so it should be taken with a grain of salt. Besides, it seems that releasing the 500D now would essentially cannibalize their 40D and 50D. [Zoom via Electronista via MacNN]