In conjunction with the new DSLRs EOS 40D, Canon has announced improved versions of two of its lenses, a low-cost digital-only wide zoom and a pricey full-frame wide-angle prime.

The new f/3.5-5.6, 18-55mm EF-S zoom improves upon Canon’s existing lens with the same specs by offering built-in image stabilization. Canon claims the IS provides up to four stops of additional shooting latitude. Like other EF-S lenses, this wide zoom is designed for use with cameras that employ APS-C-size sensors such as the EOS Digital Rebel XTi and just-announced Canon EOS 40D. The competitively priced lens will hit the market at $199.99 in October 2007.

Canon has improved the Canon EF 14mm f/2.8L II USM prime in its premium L line. Designed primarily for discerning landscape and architectural photographers, the Canon EF14mm f/2.8L II USM lens is ideally suited to the EOS-1Ds Mark III’s full-frame capability. Measuring 3.7 inches in length and weighing in at under 23 ounces, this ultra-wide angle L-series prime lens is well corrected for rectilinear distortion, provides a 114-degree diagonal angle of view, and delivers high-speed autofocus with higher image quality overall including superior peripheral image quality, compared to its predecessor. The 14mm lens will be available in October 2007 for $2199.