I'll just chirp in on this one.
Firstly, there's a huge market that wants DSLR qualities, but in a lighter package and cheaper, hence the success of the D40. Olympus might have gotten a good share of that market if only they marketed their cameras better and kept their prices honest in other countries.
Anyway, good to see them innovating once again. I actually smiled upon seeing the news bit for the first time. It's like they're saying FU to other manufacturers going full-frame.
Of course, one can take a negative reading and say that Olympus put itself in a dead-end with 4/3. That may be true, but in a sense, they're making lemonade out of lemons in this scenario and at the same time not alienating their current user base and seeing the promise of 4/3 to the end.
Trust me, once they release a decent model, people will buy. I know I would. It would be a great everyday camera. Sure, it won't make them beat the rest to the top of the market, but it would deliver solid profits to them... until the others try to muscle in on the action. Hahaha.
As with others, my main concern would be the EVF. I hope they would consider an optical VF accessory. Olympus/Panasonic could be on to something, a decent-priced rangefinder for the masses.