Ricoh today announced the third generation of its prime lens high-end compact camera, the GR DIGITAL III. Building on the success of the previous GR DIGITAL series as a popular DSLR backup option, the GR DIGITAL III features a new 1/1.7-inch 10-megapixel CCD image sensor, a fixed 28mm lens with a maximum aperture of F1.9, and the latest GR Engine III image processing engine to deliver high-quality, clean images and superior shooting performance.