I'm already committed elsewhere (Canon), but it's an interesting development that I'll keep an eye on. It's a bit difficult to judge what benefit the small size is without seeing one (plus lenses) in real life, but I'd reckon that the advantage is in luggage space rather than pocketability.
I'm more interested in the
Olympus micro 4/3 mockup, if they introduce a couple of pancake lenses to go with it. I'm still waiting for a replacement to the Contax T3 I had.
Restricted lenses shouldn't be too bad - there's meant to be an adapter for all the standard 4/3 lenses, though then you lose the small size benefit.
The EVF/Live View viewfinder system dictates the use of contrast AF, which is always going to be slower than phase detection AF, and the smaller sensor may prove noisy for those who use high ISO