Canon's 24.2-megapixel M5 is its best mirrorless camera yet, but is that enough? The company is playing to its strengths by giving the new model classic Canon DSLR-like styling and, finally, a 2.36-million-dot electronic viewfinder. It also has a new image processor and "Dual Pixel" AF that focuses five times quicker than before. However, the M5 is yet more proof that it entered the mirrorless camera game much too late.

Unlike Panasonic and Sony models in the same price range, it lacks 4K video and makes do with 1080p, 60fps shooting instead. The DSLR-like body style is not its strong point either, compared to nicer-looking options from Fujifilm and Olympus. Still, it should appeal to Canon owners, who can use their existing lenses with an optional adapter, and it's interesting enough to at least give mirrorless buyers pause. However, Canon is going to need to advance its mirrorless program, stat, or it risks staying behind fast-advancing rivals.

Aaron Souppouris contributed to this report.

We're live all week from Cologne, Germany, for Photokina 2016. Click here to catch up on all the news from the show.