The Nikon Coolpix S01 seems to be the opposite of the point-and-shoots that are selling best right now, high-zoom cameras with large displays and fast, high-sensitivity CMOS sensors.
The supersmall S01 camera -- it measures just 3.1 inches wide by 2.1 inches high by 0.7 inch thick and weighs only 3.4 ounces -- has a 3x f3.3-5.9 29-87mm lens, a 2.5-inch 230K-dot touch screen (because there really isn't enough room for buttons on this thing), and a 10-megapixel CCD sensor that's the same tiny size you'd find in a camera phone.
The battery and storage are built in, too, and Nikon says you can expect to capture about 190 shots to its 7.3GB of available memory on a single charge.
Not exactly "Get your credit card out now" specs, but, hey, not everyone has a smartphone yet, right? It also has a simplified interface that sounds the same as the one in Nikon's Coolpix S30 waterproof camera, which is actually a good thing.
I don't think that's enough to make this camera a big seller, though, and frankly, it sounds a whole lot like Kodak's EasyShare Mini with a touch screen (and you know where those kinds of cameras landed Kodak).
To top it off, when the Nikon Coolpix S01 ships in September, it'll be priced at $179.95, which is probably about $80 too much for the current ultracompact market.