Resolution of the 1.4 Chronos is around 1.3 MP, that is correct!
You could also just lower the Resolution in your Image Editing software (Using an Sharp [whatever ...HIGH] Megapixel Source Image from DSLR) to the ~1.3MP resolution of the 1.4 Chronos. This could also give you an Quick idea of what to expect from that kind of Sensor Resolution.
The New Chronos 2.1 HD will give you higher resolution of a little over 2 Megapixels, but it does cost quite a bit more. The 2.1 is also the way to go if you want best image Quality, since the Sensor itself is much bigger.
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As Far as Lenses go, the 12-75mm Lens Krontech is selling ist surprisingly good for a Multi-Purpose Lens, tested it myself a while ago and was quite impressed by the Sharpness. This Lens has some problems, such as that it is not 100% sharp on the Corners and has some vignetting, but in terms of Price-Performance a very solid lens that could produce Serios Results.
However, big Warning about most 12-75mm Lenses on Ebay, especialy old ones. This one Krontech is selling is a very new Version of this Lens, the Older ones, old TV-Lenses mostly are pretty bad in image Quality indeed. Also, this lens will only work with the 1.4 Chronos. It will not work with the 2.1 HD! (Well, you can use it on the 2.1, but only on low Resolution Settings.)
If you want to buy this lens from ebay used, make sure that it is the exact same version of the Lens, which krontech sells on the Website, otherwise you may get a bad surprise in the Image Qualtiy.
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Would i Reccomend the 12-75mm 1.2 for your application? Propably not. Unless you need a Zoom, i think a good Prime Lens would maybe do better for your application (Dont know what kind of magnification you are dealing with on your Spray-Images? For More serious Macro, Primes or dedicated Macro-Lenses generaly do a lot better). If you are Serious about your Image Quality, put some Money into your Lens(es). Its still the Lens that makes the Image, the Camera does only record it... Big Mistake some People make, is, to buy an expensive Camera, but stupid Cheap glass, and then Blame the Camera because the Results are bad....
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For the 2.1 Chronos you can mostly get away with using your DSLR Lenses, since the Sensor is so big. But that i would only reccomend, if you own rather Sharp lenses. Very old lenses Made for Analog SLR Cameras tend to be not sharp enough (very high end ones are, but those are Mostly rare and pretty expensive) mostly.
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For the 1.4 Chronos you can also try using DSLR Lenses, and for your application it might even work. The Sensor on the 1.4 is Way smaller, making your DSLR Wide-Angle Lens into an Tele-Lens. Everything is even More Zoomed in than on the 2.1! Again, for Close-Up-Stuff like you apparently do, it should be fine (I dont think you would need very wide-Angle Lenses for that, right?). But for the 1.4 make sure, that you have really sharp DSLR-Lenses, otherwise you might not get the most out of the Camera resolution-Wise.If you really need wide-Angle Lenses for the 1.4, the 12-75mm 1.2 from Krontech is actually one of the better options to get.
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If you need more specific Reccomendation on whatever lens to get, let me know. For that it would be very helpfull, to know more about what you use now (Sensor Size of Camera, Focal Lengh of Lens, Apperture of Lens (Maximum/ Used apperture), Magnification/ Distance and Maybe Camera Mount (Because lot of Lenses can be used on Chronos Cameras via adapter))