"Tokyo, 5 August 2008, Olympus Imaging Corporation (Olympus Imaging) and Matsushita Electric Industrial Co., Ltd. (Panasonic) today announced joint development of technologies and devices for the "Micro Four Thirds System standard," a new standard that extends the benefits of the Four Thirds System standard for interchangeable lens type digital camera systems by enabling dramatic reductions in size and weight. Under the terms of an agreement between the two companies, they will work jointly toward commercial production of significantly lighter and more compact interchangeable lens type digital camera systems."

http://www.dpreview.com/news/0808/08080501microfourthirds.asp

You're probably all aware of this (I may have nodded off there for a week or two) but here it is in case you're not.

I'm assuming it'll be met by loud yawns from some quarters (you remember Mr. 'Dust problem? What dust problem?') for example.

But I think its the neatest thing since, um, well, since Oly cleaned up with the Pen FT in 1963, which also produced blisteringly sharp images in 4:3 format...