What I'd hope Olympus go for is something along the lines of the old E300/330 design but smoother (without the grip lump - or at least a more E420-ish size) and considerably smaller. Ideally I'd like to see the body have a smooth, projection free design and no bigger than a late model 35mm compact - coupled with some compact prime lenses.

Panasonic look to have aimed this model squarely at the bridge camera market where as long as they don't over-pixellate the sensor (fat chance I suspect) it could do well.

Of course what I really want is Olympus to launch a compact with the 4/3rds sensor...........but I guess I'm going to be waiting a while yet.