Right on schedule, and three years since the last flagship was introduced, Nikon has announced the D5.

Building off of the D4, the new D5 features a 20.8 Megapixel full-frame 35mm sensor, native ISO up to 102,400, and a max ISO up to an insane 3,280,000. The camera is going to be noisy at that ISO, but anytime a company increases the max ISO, the lower ISOs get cleaner — and Nikon is saying it's pretty clean around 6,400 - 12,800. I would imagine 3 million will look something like it does on Canon's super-sensitive 1080p camera (possibly worse). The big news for video shooters, however, is that it's the first Nikon DSLR with 4K video. Unfortunately, there are some caveats with shooting 4K on this camera. More on that below.

First, here's the product tour for the D5 (there is also a dual CF card version of the camera):

And some of the first footage in 4K:

The specs:

20.8 MP CMOS sensor with Max Resolution of 5,568 x 3,712

EXPEED 5 Processor

Flat Picture Profile, Zebras

3,840 x 2,160 1.5x crop / 30 fps / 25 fps / 24 fps

1,920 x 1,080 Full-frame / 60 fps / 50 fps / 30 fps / 25 fps / 24 fps

1,920x1,080 3.0x crop / 60 fps / 50 fps / 30 fps / 25 fps / 24 fps

1,280x720 / 60 fps / 50 fps

High quality available at all frame sizes, normal quality available at all sizes except 3,840 x 2,160

Recording Time: ​ 4K/UHD 3 minutes (HQ only) 1,080 50/60p 10/20 minutes (HQ/Norm) 1,080 30/25/24p and 720 50/60p 20/29:59 minutes (HQ/Norm)

Video Format: MOV — H.264/MPEG-4 Advanced Video Coding

Record Uncompressed 8-bit 4:2:2 3840 x 2160 from the HDMI Port

Phase Detection AutoFocus: 153, 99 cross-type

Native ISO: 100 to 102,400

Expanded ISO: 50 to 3,280,000

In-Camera 4K Time lapse

Memory card slots: Dual XQD or Dual CF (this card slot is apparently interchangeable)

Continuous Shooting: Up to 12 fps at 20.8 MP for up to 200 frames in RAW format , 14 frames per second with mirror up

Shutter speed: 30 seconds to 1/8,000 sec

3.2" 2.36 million dot LCD (Touchscreen only for certain functions in Live View and Playback)

Viewfinder: 100% full-frame,

1/8" Headphone, 1/8" Microphone, HDMI C (Mini), Micro-USB, Nikon 10-Pin, USB 3.0

Built-in Stereo Microphone, WiFi with Optional Transmitter

Battery: EN-EL18a

Weight: 3.11 lbs. / 1415 g with battery and memory cards for CF version (XQD slightly lighter)

Availability: March 2016

Price: $6,500

More on the video features:

And here's a photography-focused video about the D5:

More from Nikon on the 4K/UHD recording:

The D5 supports movie creation in 4K, which offers a resolution higher than HD or full-HD movies, an indispensable feature for professionals involved in film-making and video content creation. High-resolution 4K UHD (3840 x 2160)/30p, 25p, 24p movies can be recorded to a memory card inserted in the camera, or, with simultaneous HDMI output, they can be displayed on an external monitor or recorded as uncompressed video to an external recorder. With support for the maximum standard sensitivity of ISO 102400, as well as even higher sensitivity settings up to Hi 5 (equivalent to ISO 3280000), even movies recorded at these high sensitivities will exhibit superior picture quality. 4K UHD time-lapse movies can also be generated in-camera.

And a bit more info on video:

For the first time in a full-frame Nikon DSLR, record 4K Ultra High Definition (UHD) video with dot-by-dot readout for maximum image quality. Capture 3840 x 2160 at 30/25/24p with an angle of view approx. 1.5x lens focal length, or record Full HD 1080 video at 60/30/24p. Shoot stunning 4K UHD Time-lapse, right in camera. Auto ISO handles smooth lighting transitions from ISO 200 to the sensitivity of your choice (all the way up to Hi-5). Enjoy all the professional video capabilities of D4S and D810—simultaneous external and internal recording, Flat Picture Control, Zebra Stripes, a built-in stereo microphone with 20-step increment adjustments and so much more.

If you noticed above, the camera seems to be limited to just 3 minutes recording at 3840 x 2160. That's not very high, and there are plenty of situations where that's simply not enough. Fortunately, you can record 4K uncompressed externally via the HDMI port, which should increase that maximum recording time significantly (likely 8-bit but we need more confirmation). The fact that you're limited to such short recording times internally means you're probably not going to be using this camera to record interviews, unless you're using an external recorder.

Another interesting point is that the camera is recording 4K at exactly 3840 x 2160, no scaling is being done. What this means, however, is that you're not shooting 4K using the whole sensor — instead you're using a 1.5x crop. In addition, there is a 3.0x crop which features an exact 1920 x 1080 frame. Here is a look at the 4K crop versus the DX/APS-C/1.5x frame size:

If you wanted to use this expensive camera for just video, you may want to look elsewhere, as you're going to have to jump through some hoops to record for a decent amount of time, and you're limited in your field of view at 4K. If 4K is an added bonus to the stellar photographic capabilities, it seems like this one has a lot going for it. Certainly there are advantages to mirrorless cameras, but it seems like Nikon is doubling down on the mirror technology, and has improved it in this iteration.

The D5 will ship in March priced at $6,500, and you can pre-order it right now. For a great hands-on video, plus the full presentation from CES, here are uploads from Matt Granger: