Super small sensors aren't great, but they can still take some decent pics and a range of "fun" yet cheap lenses does have its merits, however, with no viewfinder, not even an EVF, I just don't see the point really.
Why spend the money on something that gives you IQ of a p&s and that makes you shoot like a p&s ??
If they could of made it actually a unique user experience by intergrating a good EVF into then, then it would be a really unique product and one I might actually think of buying.
As is, why not just use a XZ1, LX5 etc and throw an adapter lens on if you want "lo fi" fisheye fun etc. Better overall IQ from those anyways.
I bought a X100, not because its great IQ (though it is good!) but because its the only camera in its class that lets me shoot with a true viewfinder
I think thats what photographers want these days, cameras with good viewfinders, be they EVF or OVF, accessabile controls etc
Doesn't matter what features you put into it, if you've got to hold it at arms reach like a typical p&s just don't see the point these days.
my iPhone has replaced the traditonal p&s role for me