Given Sony’s aggressive product strategy over the past few years, it’d be unthinkable for it to essentially sit out a trade show, but that’s what happened at Photokina 2014. And while it was clear that Canon was set to have a big show, I don’t think anyone expected Panasonic to come pounding in and take away some of the 7D Mark II’s thunder with a smartphone that’s only going to be sold in Europe. But low and behold. Here are my picks for winners and losers of the show.

WINNERS

Panasonic
The GM5 is a solid upgrade to the tiny GM1 Micro Four Thirds camera, resolving many of the issues that I had with the svelte shooter when I reviewed it by adding more physical controls and integrated EVF. But, heading into the show, I thought the LX100 was going to be one of the most exciting products on the show floor. The big-sensor compact with a fast zoom lens, quick autofocus, and built-in EVF seemed to correct a few of the shortcomings of Canon’s G1 X Mark II, albeit at a premium $900 price.

But then the company announced an Android smartphone with a 1-inch sensor, the CM1. It’s only available in Europe and at 900 euros isn’t anywhere near affordable, but it uses the same type of 20-megapixel BSI CMOS sensor that we’ve seen deliver outstanding image quality in pocket-friendly cameras, and its autofocus speed is quick, with a good close focus distance for grabbing macro shots. If the CM1 comes to the U.S., and is as good in reality as it was during my brief hands-on time, I’m probably going to dump my iPhone for Android. I’ve been using an iPhone since the first model, and until now I’ve yet to see a smartphone camera that would make me seriously consider leaving the Apple ecosystem.

Canon
Canon attacked Photokina with sheer volume, announcing a new SLR, three new compacts, and a few lenses as well. The 7D Mark II has been on the wish list of Canon shooters who capture fast action for years now, and it’s finally a real product. Its 10fps burst rate isn’t the best you can get, but Canon’s line of supertelephoto lenses is so strong that many sports and nature photographers won’t consider moving brands. Add in on-sensor Dual Pixel AF for smooth focus during video capture and you’ve got a camera that would put Canon on this list on its own. That the company is bringing out a pocket-friendly 1-inch compact, the G7 X, at a price that’s very competitive with similar models from Sony, simply pushes it over the top.

Samsung
Listen: 15fps with tracking autofocus. The Samsung NX1 shoots stills at a faster rate than any other consumer product on the market, and can also record video in 4K. Samsung’s lens system may turn some pros off, and others will take some convincing to move from an optical finder to an EVF, but those who do will be greeted with a camera that, on paper, will be great for shooting sports, nature, and fast-moving action. The only black mark in Samsung’s column is the lack of a pro-level supertelephoto zoom lens. The company is releasing a 50-150mm f/2.8 along with the NX1, and is previewing a 300mm prime lens at the show, but it needs longer glass to make pros who shoot action at a distance consider a switch.

Leica
Photokina is in Germany, Leica’s home turf. I’d put them on the list of winners simply based on the amount of M rangefinders I saw at the show—it wasn’t just me carrying one, but dozens and dozens of other attendees had a digital M hanging at their side. That’s not something you see at CES or other trade shows that aren’t so photo-centric. The new S medium format camera looks quite promising, with a CMOS sensor that can record Super 35mm (APS-C) cropped video at 60fps in 4K, or 1080p footage using the entirety of the sensor. The limited edition M Edition 60 may belong in the loser’s column, but with a production run of just 600 units I’m sure Leica will have no problem selling out. Leica is also selling its own version of the Panasonic LX100 under the D-Lux banner, is introducing a new X camera with an f/1.7 prime lens, and has updated its entry-level Summarit lens line to improve optical performance.

And then there’s the M-A, a $4,750 film camera with no light meter. But, having held one in my hands, I have to say that it’s a camera that will outlast any digital introduced at the show. The M-A’s film advance mechanism feels just like my M3 (often regarded as the best camera the company ever built), and the slight “click” of its cloth shutter is delightful. It’s simply gorgeous in black, and will appeal to anyone who has always wanted a camera built to M3 standards with a 0.72x viewfinder.

LOSERS

Ricoh
There’s not a lot new from Ricoh, just the WG-M1 action cam. The company, through its Pentax brand, has a long history of making rugged cameras, so it does seem like a logical step to make an action cam. But with GoPro dominating the market, it may be a little late to join the fray, and the video has never been the company’s strong point. A lot of folks were expecting a full-frame K-mount SLR body at this show, and while Pentax confirmed with me during the briefing I received on the 645Z medium format body that one was in development, it doesn’t look like it’s coming in 2014. There are some things that Ricoh could have done to make noise, but that just wasn’t the case.

Sony
I’m not sure if Sony should be in the loser column or be tagged with a “Did Not Play” line in the Photokina box score. It announced a pro video lens for its FE system at the ICB show in Amsterdam just ahead of Photokina, and added a wide-angle Zeiss zoom lens at the show. I have high hopes for the quality of both lenses. We just expect Sony to do more.

Olympus
Cards were coming up aces for Panasonic, but the other major player in the Micro Four Thirds market, Olympus, had a pretty quiet Photokina. Its major announcement is a color variation of its flagship OM-D E-M1 camera, along with a firmware update for the model that adds tethered shooting. The E-M1 may enjoy some use in the studio, but it’s a better tool for using outdoors in harsh environments. The other big announcement, a pro telezoom, lens, was not really news as the company had previewed it when the E-M1 was announced last year.

That’s it for Photokina 2014. The next big photo show is the PhotoPlus Expo, in New York City over Halloween weekend. It’s usually a little slimmer during Photokina years, but we’ll see what new products are launched in just about six weeks time.