I think what it really is is the megapixel race was over before these compacts even got past ten, ...marketing just didn't know it yet. The 'race' obviously stopped mattering and even being counterproductive a long time ago for that size of sensor. So, it's a laudable move, I say.
And, yeah, the crop factor on u4/3 is kind of a deal-killer. You can convert all kinds of old glass for it, but it generally doesn't turn into anything interesting for me. What, I put a heavy 35/2 on one, plus adapter, have a not-very impressive short portrait?
Doesn't make much sense. APS-c, though, that could do things.