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I think you are right Phil. It appears that the camera makers are using in camera noise reduction to achieve lower noise despite more pixels. They use the higher processing power of their newer camera processors to do it.
But consider this though. More pixels allows them to use more aggressive noise reduction and still obtain an excellent resolution. Its a bit opposite to the small pixels = high noise concept. But it does take the artificial step of more aggresive noise reduction.
I guess we'll know better once these new model are out in the field and a RAW image versus other camera's RAW images can be compared.
Greg.
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