They are called compact system cameras JA. Very similar to a DSLR in many way but no mirror. The sensor is used to provide an image into an electronic viewfinder. They are getting pretty popular with a lot of people.
They are available with several different sensor sizes. The Nikon 1 range uses the smallest. Then comes micro 4/3 and then there are some that use APS sized sensors as do many of the DSLR's. As far as I am aware no one does a full frame one yet as they do with the far more expensive DSLR's at the top of the price range.
Some models are more dslr like in terms of features than others. Some are largely aimed at the point and shoot market. Some will serve both that and more advanced use and then there are models in between. My E-M1 for instance will do everything an advanced dslr can do and some things a dslr can not do.
There are way more penalties in small sensor cameras such as the very wide range zoom bridge cameras than Neil mentioned. All sorts in fact in several areas not just noise.
Ian might like to go take a look at some of the better CSC camera. They weigh a hell of a lot less than many dslr's. I can if i choose to walk around with one lens on the camera that zooms for 14-150mm or 28 to 300mm as it would be stated on a compact or a bridge camera but I am well aware that there are optical penalties for having a zoom range that large which would limit what I could shoot with it. I couldn't do what I did with the last photo I posted for instance. More or less double the focal length by cropping pictures out of the shot near it's max zoom range. That shot was hand held as well. On the Olympus cameras the image stability is built into the camera. Panasonic do it in the lens itself which tends to make them a bit bulkier and heavier. Not much though.
Maybe I had better add that though the Nikon 1 range is extremely light serious use people might be wise to avoid it. It doesn't really take advantage of what CSC cameras can offer and they don't contain a terribly good sensor. They probably do match a decent compact and the lenses can be changed but that's about it really. I don't think that the current models even offer a veiwfinder other than as an add on which is probably expensive.
John
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Edited By Ajohnw on 21/11/2016 00:01:47