The 1020 is expected to hit shelves some time in September. A firm date and exact prices are yet to be confirmed, but online retailers have suggested the price will be around £550.
That hefty price tag pitches the 1020 up against flagship phones from the major manufacturers: the HTC One, the Samsung Galaxy S4 and the iPhone 5 are all on sale for around £500, but none have that monster camera. The 1020 also has 32GB of storage for your gigantic photos, with most of its rivals starting off at 16GB and charging extortionate amounts for more space.
The most camera-focused rival to the 1020 is the Samsung Galaxy S4 Zoom, which boasts a 16-megapixel sensor. That may pale in comparison to the Lumia's 41-megapixel job, but it does feature a whopping 10x optical zoom.
Three has also confirmed it will offer the 41-megapixel Windows Phone.
Is the 1020 a new era for camera phones? Would you shell out £550 for the Lumia 1020? Tell me your thoughts in the comments or leave us a snapshot on our Facebook page.