It's an interesting challenge to micro 4/3 and all the other compact systems.
The Nikon 1 series and Canon EOS-M will sell just because of the brand.

Even though practically I think my OMD-D E-M5 is much better, I can see the marketing push behind it will give huge sales.
And then when people actually try to put an EF lens on it, joining the Canon system, they'll realise what an unmanageable monster they've made.

I'd compare it to the E-P1, no viewfinder, no optional device interface, no tilting screen, no weatherproofing. And a much more limited lens range - really is it only two EF-M lenses?

It took a long time for the E-M5 to appear, and that's what I'm waiting for from Canon.
A camera to match the E-M5.
And a lens range to match the Olympus and Panasonic micro 4/3 put together.
Canon have a long way to go, will this go the way of APS or will it survive?