The choice of 20 mm Pancake lens is a lttle gutsy. It is really a great focal length for indoor, and street use. The original Rollei 35 had a 40 mm lens, and I found it to be very useful for a small, truely pocketable camera.
I must comment on Jorgen's comment on weight, and heat.
I was in Mali two years ago, and I was using a Canon 20D with a 24-105 mm L lens. We had just climbed up 2 flights of stairs (rapidly- for me) in temperatures of 100 to 110 degrees F in Djenne across from the famous mud mosque after moving through the crowded Monday market. I became light headed, and was very close to heat stroke. My friends quickly cooled me off with water (on my head). After this experience, I have been on the lookout for a small, light, good quality camera which would give high quality images. I have looked at numerous high end P+S cameras and have not been impressed. Perhaps this m 4/3 concept will be what I am looking for.
I have reservations about the contrast sensitivity AF working accurately, and fast enough (shutter lag), and the quality, and responsiveness of the EVF.
I will look carefully at this system, realizing that the body is only version 1.0, and may be joined by other, more advanced, and smaller bodies, and higher speced lenses.