I think we're all looking for different things. A compact to use when I want something to carry in my pocket for a few snaps doesn't, for me anyway, need interchangeable lenses or a bigger sensor. Shoot jpeg and print at 7x5 and it'll be fine for the purpose. Want to print to A3? well I don't want a point and shoot in that situation regardless of what size the sensor is.

As it stands I have access to an Olympus C220 P&S, a C5050 which I can use as a P&S or with a bit of faffing around have significantly more control or a DSLR. A G1 would be a major step up from a C5050 with regard to control plus a better VF than the optical afterthought on the C5050. Again a G1 would give me (hopefully) the same or better IQ as my E-3, virtually the same degree of direct control but with slower AF (not wildly important to me most of the time) and while the EVF has disadvantages compared to an OVF it counters that with some added advantages over an OVF.

I'd rather pay for an all-rounder, smaller than a DSLR but bigger than a compact that I could use all the time rather than a selection of different cameras which could result in having the wrong one at the wrong time.

An m4/3rds version of the E-300/330 would be that camera, the G1 is as close as it gets and despite looking as if it would be bigger than an E-300/330 version probably isn't any bigger in reality. In fact apart from the lenses a G1 is hardly any bigger than the new Canon G10.

Canon G10 109 x 78 x 46 mm
Panasonic G1 124 x 84 x 45 mm