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The FE-46 is now out of production. Here's what we had to say when it was released in July 2009:
The Olympus FE-46 is a budget digital camera, with a manufacturer's suggested retail price of less than $100. It has a 12-megapixel sensor and 5x optical zoom lens, nice specifications but at this price it's not likely to be a real blockbuster camera. If price is your main concern, it's a decent option but don't expect big things from this small camera.