More rumors and even an interesting photograph of the Olympus E-P1 micro Four/Third camera starts to appear (thanks to 1001 Noisy Cameras). I like the size of the 17mm f/2.8 prime lens. It will have a movie mode, but no flash. And I understand that the camera will have SD/SDHC support, instead of the xF card support.
And in anticipation of the final outcome see here the preparations.
Will It Blend? | Presented by Blendtec
I personally think Olympus will receive a lot of interest from serious compact users. And they finally might have a seller at hand after they stopped producing there fantastic compact cameras a few years ago (where the C-8080 WideZoom was the last one). I have enjoyed using an Olympus camera in the past.