Phil Askey, Editor of the popular photography website Dpreview.com, wrote the following:
This is without doubt the most exciting digital photography announcement this year.
With Canon and Nikon (and Sony) battling it out on the professional FF front with their heavy and large bodies/lenses, there will soon be a great option for those more interested in compact, portable and light photography while upholding DSLR image quality.
There are some of us who are tired of the compact P&S megapixel game which is increasingly offering consumers more MPs in the same small sensor size -- meaning decreasing image quality on photos. What many consumers want is good IQ in a compact form. The Sigma DP1 was close. The E-420 with pancake was close too. The upcoming Lumix LX3 looks interesting, but still has a similar sensor size to compacts.
The welcome news of a new, upcoming system that gets rid of the mirror-reflex design of traditional DSLRs and instead will use an Electronic Viewfinder with Interchangable Lenses capability will be released by a joint-venture between Olympus (great optical company) and Panasonic (electronics giant) called micro-Four-Thirds.
This is great news for compact and prosumer lovers. A camera with a sensor area four times more than on a P&S camera, that will be compact and light with the DSLRs capability to use interchangeable high-quality zoom or prime lenses is what the excitement is all about (and Olympus makes some of the best lenses in the industry). Check out the news/interest on the forums on Dpreview.
http://www.dpreview.com/news/0808/08080501microfourthirds.asp
I am definitely excited. If I can get image quality anywhere near I can get on my current E-420 with Pancake, then I will be a happy man. For all those doubting the IQ you can get from Olympus 4/3rds sensors, please check out my Flickr Photostream:
http://www.flickr.com/photos/26154011@N07/