Insta360 has established itself as an industry leader in spherical imaging, with a line of innovative products ranging from the consumer-friendly OneX spherical camera all the way through the $15,000 Titan, an 11K spherical camera built for studios and pro-grade VR capture.

But the flash-in-the-pan 360-degree video fad has passed. Recent consumer 360-degree models—like Insta360's own OneX and rival GoPro's Max—focus on leveraging spherical video capture for more traditional 16:9 flat output.

But quality suffers a bit. Video captured in this manner looks more like 1080p than 4K after you've cropped in and selected your frame. That leaves you with a choice to make when shopping: get a traditional 16:9 action camera with 4K video quality, or go the 360-degree route and have more freedom to manipulate your footage at the cost of some sharpness.

Insta360's newest camera, the One R, promises to deliver the best of both. It offers interchangeable lens modules so you can choose whether to use it as a traditional action camera or a 360-degree model, and also offers a premium 1-inch sensor module with Leica-certified optics.

Regardless of which module you use, the One R is waterproof to 16.4 feet (5 meters) and supports voice commands. Its small touch LCD can face in either direction, so you're able to configure the camera to shoot the rest of the world or point inward for selfie vlog videos.

There is some assembly required. To be modular, components must be connected together and tied together using the included mounting base.

When you're using the 360-degree module, you can view footage from any angle in real time on the screen, and the camera also supports subject tracking when shooting 360, so you can keep focus on a particular object or person, even as it moves.

The One R is going to be sold in a few different configurations. The lowest point of entry is $299.99, which gets you the standard 4K action camera module and everything you need to run it.

If you want to add 360-degree capture, you can step up to the One R Twin Edition, which includes the standard 4K camera as well as the 5.7K Dual-Lens 360 camera for $479.99.

The Leica certified camera module is the most expensive. It captures 16:9 footage at 5.3K resolution at 30fps and 4K quality at up to 60fps, all with a large 1-inch sensor. It's priced at $549.99.

If you're interested in the One R, it is already available to order.