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It's a pity the new 25mm f2.8 pancake lens is not faster
I'm not sure it's a pity at all, TBH. There is the Leica/Panasonic alternative, and a couple of Sigmas if you want speed - what the pancake offers is excellent compactness. I often use my Pentax MX with the 40mm f2.8 pancake rather than the 50mm f1.7 simply because it's pocketable - that's worth a couple of stops to me. I've long thought that the best thing Olympus can do with the E series is to take it down the OM path, and they're doing that now - all power to 'em.
Yes, you're right. I suppose it's worth forsaking a stop or two for compactness. I also agree that the OM path is best for the E series and it does seem to be where Oly is going. The lovely new cases for the E420 are reminiscent of the old OM1 case too. I think Oly are looking to the tradition of miniature photography.
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Re: Olympus's innovative AF + manual mode