Doh, so much for Pentax joining the consortium:
"Olympus and Panasonic are shutting out other manufacturers in their development of the Micro Four Thirds system. "
British Journal of Photography - Exclusive: Olympus and Panasonic guard their investment in Micro Four Thirds
I'm not sure if that is a good idea by Oly/Pan or a bad idea. On one hand I think they know how big this will be so they want to keep all the business for themselves, but on the other hand this could simply prompt everyone else to make an APS-C based system.
Edit: After reading the entire article it looks like they would still allow Pentax to join, but Pentax will have to be serious about it.