I think they should have designed something that was closer in apparence to a rangefinder.
I'm with you on that, a rangefinder in this format would be awesome, along with some lovely small, fast lenses. Hopefully the Panasonic/Leica arrangement will bring something along these lines.
If they don't try and cram too many pixels in (8 meg?), it should have pretty good high ISO capabilities too. I won't be holding my breath on that though, one feels the marketing department in all companies apart from Nikon has too much of a say in camera design for now.
If such a camera did come along I think that would be my dream travel camera!